SXP / BitcoinLong
Rounded Bottom pattern idea for $SXP against BTC
This is a personal research and idea for investment. DYOR and TIT...
This is Swipe
SXP coin against BTC pair on a daily chart .
ABBREVIATIONS
Rounded Bottom (RB)
Parabolic Curve Theory (PCT)
Price Action (PA)
BTC (Bitcoin)
T/K (Tenkan/Kijun; Blue/Yellow lines)
Sats. (Satoshis)
:::DISCLAIMER:::
This is a mid-term pattern that will develop exponentially growing price action as it starts to close the cup. It has the characteristics of a PCT structure as it tends to range at key Fibonacci levels for PCT.
As I'm looking at this chart and describing my idea I'm very conscious that events like news catalysts and BTC volatility can deviate it off its course and make price action break out of pattern invalidating or at least demanding a reassessment of the idea.
TIME/PRICE PROJECTION
Pattern start: Mid-Aug 2020
Estimated end: Early-Aug 2021 (almost 3 months from publishing)
Price tag at time of publishing: 8,150 sats.
Expected price tag at end of pattern: 36,700+ sats.
Safe trailing take profit area: Recommended trailing take profit at 35,700 sats.
TECH INDICATORS
Ichimoku indicators:
-Bullish Kumo cloud setup with PA on top of it.
- Bullish Tenkan over Kijun Sen.
- T/K cross up the first days of May, also bullish nuance.
- Chikou lagging span heading towards PA, bearish nuance, probably due to recent correction.
- Parabolic SAR on top of the PA, bearish nuance.
PA has corrected down to the .500 fib from previous impulse move and is currently bouncing up as it closes in against the curved wall of the pattern.
Trade at your own risk...
NEWS CATALYSTS AND BTC VOLATILITY
Technical paper will be released as of May 30th according to joselito, Swipe founder.
Affected by BTC dips.
EXPECTATIONS
I expect a completion of the pattern if BTC doesn't pull PA out of pattern. If it does, this idea may need to be revisited.
ATM there's a measured move if PA breaks out of the bull flag shown in the snapshot below. Measured Move equals about 605 profit.
FINAL NOTE
Drawing may need some minor adjusting as the pattern develops.
This is Swipe
SXP coin against BTC pair on a daily chart .ABBREVIATIONS
Rounded Bottom (RB)
Parabolic Curve Theory (PCT)
Price Action (PA)
BTC (Bitcoin)
T/K (Tenkan/Kijun; Blue/Yellow lines)
Sats. (Satoshis)
:::DISCLAIMER:::
This is a mid-term pattern that will develop exponentially growing price action as it starts to close the cup. It has the characteristics of a PCT structure as it tends to range at key Fibonacci levels for PCT.
As I'm looking at this chart and describing my idea I'm very conscious that events like news catalysts and BTC volatility can deviate it off its course and make price action break out of pattern invalidating or at least demanding a reassessment of the idea.
TIME/PRICE PROJECTION
Pattern start: Mid-Aug 2020
Estimated end: Early-Aug 2021 (almost 3 months from publishing)
Price tag at time of publishing: 8,150 sats.
Expected price tag at end of pattern: 36,700+ sats.
Safe trailing take profit area: Recommended trailing take profit at 35,700 sats.
TECH INDICATORS
Ichimoku indicators:
-Bullish Kumo cloud setup with PA on top of it.
- Bullish Tenkan over Kijun Sen.
- T/K cross up the first days of May, also bullish nuance.
- Chikou lagging span heading towards PA, bearish nuance, probably due to recent correction.
- Parabolic SAR on top of the PA, bearish nuance.
PA has corrected down to the .500 fib from previous impulse move and is currently bouncing up as it closes in against the curved wall of the pattern.
Trade at your own risk...
NEWS CATALYSTS AND BTC VOLATILITY
Technical paper will be released as of May 30th according to joselito, Swipe founder.
Affected by BTC dips.
EXPECTATIONS
I expect a completion of the pattern if BTC doesn't pull PA out of pattern. If it does, this idea may need to be revisited.
ATM there's a measured move if PA breaks out of the bull flag shown in the snapshot below. Measured Move equals about 605 profit.
FINAL NOTE
Drawing may need some minor adjusting as the pattern develops.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.