JAL37
Long

XPMBTC: Descending wedge?

POLONIEX:XPMBTC   None
Hello, traders. Let's take a look at XPMBTC on the daily.

After the last high, the price has pulled back dramatically and seems to be forming a falling wedge , which is a potentially bullish reversal pattern. Additionally, the RSI continues to grind down as it fails to breakout of the descending resistance line, but it is approaching oversold conditions. The Bitcoin Prime team also reported a dev meeting over the last weekend that left them excited and are continuing to develop the project. These factors indicate to me that we are likely to see a sizable pump IF the bulls can manage to breakout of the wedge and RSI resistances. However, trading wedges is notoriously risky, so be extra sure to trade only what you are willing to lose and TAKE PROFITS.

Target 1: Add +0.00014 to the breakout point (the initial wedge height)
Target 2: 0.00038 (the highest point in the wedge ) If the breakout fails after reaching either one of these two targets, I will accumulate even more with the profits for Target 3.
Target 3: Indefinite if we see a major update from Bitcoin Prime. If they announce the fork date, we could see a giant, parabolic pump that could outperform Zcl's pump. Zcl pumped 193x against bitcoin in 68 days (Credit: Twitter , @RichardHeartWin on 28 Apr 2018).

Stop loss: Just below the lower trendline . I personally will not have a stoploss on this bag because I can lose it all, and I prefer to average down in anticipation of a fork pump. If I see the pump materializing, I will be selling into bulls' hopes and dreams. I will actually have XPM in a wallet to obtain Btcprime, however. You never know.

**Warnings**
1. This idea is extremely speculative- if you can't lose it all, do not enter. Do not forget that wedges have a high failure rate!
2. Rhett is a controversial figure, and many cryptomaniacs have accused him of being a scammer. I'm skeptical of these claims, but even if he is, remember Bitconnect. The CEO literally drew a pyramid scheme, The Office style, and the token mooned anyway. Watch. Many of the same Rhett critics will FOMO in if they see XPM mooning.
3. This is crypto. In a bear market. If you don't understand what I mean by that, stop right now, catch up on the cryptosphere, and THEN trade.
4. This idea will likely be medium term (weeks if not months). If you cannot wait that long, this isn't the coin for you.

Remember that I am not a financial adviser and that I am a complete stranger on the Internet. Be prepared for me to be right. Be prepared for me to be wrong. Above all, please don't long here just because you saw some bullish chart from someone you don't even know. This is actually my first public chart, so this advice applies even more so because you cannot verify my past calls or see an independently audited trade report.

Feel free to comment or ask questions!
Comment: I'm long in Bitcoin until $8,400, probably will take a month or so. Maybe we'll get a nice alt run in the meantime? Being patient for now.

If Bitcoin nears my target AND if XPM has broken out of its wedge WITHOUT major fork news, then I will sell heavily by Target 2 and retreat into fiat. Too risky at that point- secure your profits in a bear market. From there, we have two options:

BULL:
If the 8.4k resistance breaks and holds as support, then we might validate Wyckhoff's Distribution scenario, meaning that btc targets will be 10k, 12k, and 16k. If so, then I'll buy back into XPM at support and ride it up.

BEAR:
If the 8.4k resistance holds then we will likely grind down into 3-5k range, virtually ensuring that the Primecoin breakout will have failed to hold. Don't worry- we can buy more bitcoins and subsequently more XPM.

For the record, my money's on the bear scenario.
Comment: XPM has broken out, but the volume has NOT followed. It can easily fall back below the wedge or just create a wider wedge instead. Keep an eye on BTC- alts follow the leader for as long as they don't have fiat pairings.

Keeping an eye on this coin, but I wouldn't trade heavily in this.

Comments

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