The Chia Network - XCH is a new coin and protocol, while it has potential in the future the slow rollout of pooling protocol and lack of actual usage is spurring interest.
XCH is currently in a period of consolidation before continuing downward trend. We see distribution during the pennant even though the price remains rangebound reflecting the general trend, this contrasts with more bullish alts which are seeing accumulation.
XCH rocketed up on initial listing by exchanges/mainnet transfers unlocking, difficult to say when and where it will find support hence inverse price discovery
Keep in mind log chart, difficult to capture in this scenario otherwise.
XCH is currently in a period of consolidation before continuing downward trend. We see distribution during the pennant even though the price remains rangebound reflecting the general trend, this contrasts with more bullish alts which are seeing accumulation.
XCH rocketed up on initial listing by exchanges/mainnet transfers unlocking, difficult to say when and where it will find support hence inverse price discovery
Keep in mind log chart, difficult to capture in this scenario otherwise.
Trade active:
TP1: 228-229 (around now), bullish
TP2: 201-202, realistic
TP2: 201-202, realistic
Trade closed: target reached:
TP at 202.8, anticipating some upwards movement in the interim, will reassess if 200 support breaks
Comment:
Upside movement occured after 200 support broke, as opposed to before a mistake on my part