gumbyguy
Short

XCP/BTC Long Trade is Overcrowded

POLONIEX:XCPBTC   None
Counterparty (XCP) is one of the older cryptos that has been around since 2014 and it has survived through many market cycles. The prevailing notion is that XCP is at long-term years long support and should go up from here. However XCP has struggled to rally from these "guaranteed bottoms" and faces significant resistance above current levels. I see a possible drop down to 0.00085 (January 2016 lows) similar to support breaks like MTL and XRP recently. I do have a bag with a stop at 0.00098
Comment: I got stopped out of my bag at 0.00098 on July 24th. Watching and waiting for 0.00085 before thinking about reentering
Seems like your chart is getting real, have you sold already? Because it hit 0.00098 almost
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gumbyguy cryptoniac90
@cryptoniac90, yes my stop hit at 0.00098. It makes me uncomfortable because the price dipped through that and recovered back to 0.001. I’m going to watch it closely because there is a possibility it could breakout
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Is it possible to go THAT low? (0.00085???) I mean it usually goes up when it hits aprox. 0.0010 levels no?
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gumbyguy cryptoniac90
@cryptoniac90, 0.00085 is not that low at all and yes it can definitely go that low. The actual XCP low on Bittrex according to Coinigy was 0.00069 in January 2016. I however have a bag with a stop at 0.00098 because I think it's not smart to sell at the support
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@gumbyguy, well it is low indeed. we haven't seen that prices for years.
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