Short

AGIX CUP AND HANDLE: UPCOMING BEARISH MOVE OR ANOTHER ATH HIT?

Updated

The main headline of the price movement for BINANCE:AGIXUSDT is reaching its all-time high several days ago. Forming an inverse cup and handle pattern (or a head and shoulders), citing a possible bearish move for AGIX. But could it happen or will there be another all-time high for the coin as well as price and trendlines to watch out for in my full technical analysis on this idea thread below. Stay tuned and happy trading :)

For more info related on AGIX: https://www.ccn.com/analysis/singularitynet-reaches-all-time-high-agix-shows-high-on-chain-activity/

Note

Full charting details for AGIX from an hourly timeframe.
- Price currently go sideways inside the symmentrical triangle. Thus, it's a WAITING game for AGIX especially for intraday traders.
- Also, labeled the trendlines for the possible breakout or breakdown of the coin.
- The neckline support is currently the firmest from a timeframe standpoint.
- A MOVE could happen today or tomorrow based on the end of the triangle.

Note

If a breakout happens, I will first consider $0.75 or near 0.382 Fibonacci area. On another hand, if a breakdown occurs, I'll consider 0.5 Fib or $0.68217 as the support target.

Apologies if the Fibonacci lines and our trendlines could confuse you a bit :)

Trade active

Entered upon breakdown and reached our first TP area of $0.6821. The next trendline.

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(cont.) The next trendline would be at 0.63947, which is the 0.618 Fib resistance. But, I also plot other Fibs to consider since I cannot backtest the historical chart for AGIX because of the all-time high.

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Currently, AGIX price supported at the 2.236 Fib area or near $0.65. I'm monitoring for this movements for the coming hours. If you're looking to short AGIX, wait for it to either breakdown on the 0.65 priceline or possibly a bounce on the neckline.

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The functionality of Fibonacci levels so far materializing for this price movement of AGIX.

Trade closed: stop reached

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AGIX is at the critical Fibonacci level of 0.618 upon the breakout. Currently saw a price rejection as of this moment. If it breaks out on the key level, there's a possibility that it could reach another ATH for the coin.

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A quick scalp trade for AGIX as the price breakout on the previous all-time high and exit at 1.236 Fibonacci extension. There could be another push towards $1 priceline in my view.

Do you see AGIX reach the $1 range and more? Comment down below.

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Had another scalp on the breakout of the 1.236 fib line.

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As we are in the weekend, trading volume may be low so I would like to share my factors for AGIX to reach $1.

Based on the current chart, the price movement went sideways after the 1.618 Fib level hit. The coin is currently retracing at its ATH of $0.95506. If a breakout happens, it can surge past $1 range. But take note of these two critical support lines:
1) Double top neckline ($0.84044): Once breakdown, could hold onto its nearest fib levels OR
2) Diagonal support: In my view, this is not defined yet so it may vary and subject to support identification. But, if we could see a massive selling around the support, it may lead to a reversal.

If you add this coin to your watchlist, add price alerts for 0.95506 for possible breakout play or 0.84044 for possible breakdown play, it's a WAITING game for this coin. That's it for now :)

Note

After a hit past the neckline, the price movement formed a bullish fractal and breakout on the neckline of the pattern. It appears that it could reach $1 at any time as long as we dont see a breakdown on the plotted diagonal support.

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Entered a scalping trade once again for AGIX with the goal of hitting past $1 psychological resistance at the 1.618 Fib extension on the neckline of the bull fractal (refer to the Fib retracement in gray). Keep an eye on the diagonal support also.

Read more on how to trade with fractal patterns: fbs.com/analytics/guidebooks/fractals-251

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Trades for AGIX this week:

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Hours ago saw a correlated dumping of coins and the price movement hold onto the plotted diagonal support. After that, it bounced around to determine another ATH hit for AGIX past $1.02 price line.

luigi360swirl

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