SPHERE (SPHR) - Setting Up For Impulsive Breakout
Updated
This coin appears to have shit fundamentals (check it's website), however the TA looks pretty fucking sweet, imo.
Note the long blue trend line going back to June/July, which if it breaks above, could get very implusive, as you can see from prior such moves. If a daily candle opens above this line that may well be a very bullish indicator.
While its possible the price reverses and falls down into the red channel, I anticipate it having a breakout. Check out the chart on many time frames. Monthly SRSI is just starting to cross upward. MACD on the weekly is just crossing upward, and momentum on the histogram is just at the midline. 3-Day MACD is just hitting the midline of the histogram as well. Daily and 6-hour look positive.
Based on where previous highs have met resistance, I'd look for targets at around 85000, 130000, and 20000 - 25000 zone. If all hell breaks loose it could go up to its previous ATH at 450000. If you look back at the run-up in early July, you can see that it spiked by 500% in just 3 days. Price moves seem really impulsive on this coin. They also fall just as fast, so have your sell orders in, if you get into this trade.
Lastly, do some due diligence on this coin first. It is supposedly going to be swapped at some point for a new ERC20 token. The dev team has gone pretty quiet and there's a lot of justification to be skeptical on this coin. Caveat Emptor. That said I still like the picture the chart is painting.
Feedback and criticism welcome. I don't claim to be a pro and am posting this to get feedback and corroboration from other traders.
Note the long blue trend line going back to June/July, which if it breaks above, could get very implusive, as you can see from prior such moves. If a daily candle opens above this line that may well be a very bullish indicator.
While its possible the price reverses and falls down into the red channel, I anticipate it having a breakout. Check out the chart on many time frames. Monthly SRSI is just starting to cross upward. MACD on the weekly is just crossing upward, and momentum on the histogram is just at the midline. 3-Day MACD is just hitting the midline of the histogram as well. Daily and 6-hour look positive.
Based on where previous highs have met resistance, I'd look for targets at around 85000, 130000, and 20000 - 25000 zone. If all hell breaks loose it could go up to its previous ATH at 450000. If you look back at the run-up in early July, you can see that it spiked by 500% in just 3 days. Price moves seem really impulsive on this coin. They also fall just as fast, so have your sell orders in, if you get into this trade.
Lastly, do some due diligence on this coin first. It is supposedly going to be swapped at some point for a new ERC20 token. The dev team has gone pretty quiet and there's a lot of justification to be skeptical on this coin. Caveat Emptor. That said I still like the picture the chart is painting.
Feedback and criticism welcome. I don't claim to be a pro and am posting this to get feedback and corroboration from other traders.
Note
Also check this out on the hourly time frame. May not be too far off. steemit-production-imageproxy-thumbnail.s3.amazonaws.com/U5dtJKiXZN85tgmaagokYZwKnawXiXV_1680x8400
Note
^^ Not sure how to add an embedded image.
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