SXP keeps its supporting levels, consolidation and pullback.
Updated
SXPUSD
It is likely that SXP will break its bearish trend with the double bottoms shape.
Conditions:
Good signs: XAU/ XAG, equity markets and BTC are holding and keeping its bullish momentum.
Alligator indicators are expected to see the crossover between the Jaw and Lip Lines, which will show the bullish trend.
Drawback: BTC remains consolidation and keep its important price above 11k2. Otherwise, if BTC can not hold its level, we will likely see another dump in SXP. SXP or Altcoins is highly impacted by BTC and ETH. Be careful to exit the trade, if BTC drop out of its bullish trend.
Market structure: Consolidation ( still in the bearish trend, Lip line is above Jaw line), it means that Price is still in the ranging zone, however 2.5 - 2.7 demonstrated a strong supporting level.
Target: 3.5 and 5 or Higher.
Entry:
Orange zone: acting as a resistance for seller's entry.
Orange zone, Buying zone for buyers, if the price actions can break above this weak resistance and hold its level as a support.
Exit: Stop loss 2.0 - 2.2 for Buyer, 3.6 - 3.8 for Sellers.
Thank you for your supporting and comments.
It is likely that SXP will break its bearish trend with the double bottoms shape.
Conditions:
Good signs: XAU/ XAG, equity markets and BTC are holding and keeping its bullish momentum.
Alligator indicators are expected to see the crossover between the Jaw and Lip Lines, which will show the bullish trend.
Drawback: BTC remains consolidation and keep its important price above 11k2. Otherwise, if BTC can not hold its level, we will likely see another dump in SXP. SXP or Altcoins is highly impacted by BTC and ETH. Be careful to exit the trade, if BTC drop out of its bullish trend.
Market structure: Consolidation ( still in the bearish trend, Lip line is above Jaw line), it means that Price is still in the ranging zone, however 2.5 - 2.7 demonstrated a strong supporting level.
Target: 3.5 and 5 or Higher.
Entry:
Orange zone: acting as a resistance for seller's entry.
Orange zone, Buying zone for buyers, if the price actions can break above this weak resistance and hold its level as a support.
Exit: Stop loss 2.0 - 2.2 for Buyer, 3.6 - 3.8 for Sellers.
Thank you for your supporting and comments.
Trade closed: target reached
The Orange zone is actively behaved as a strong local resistance. A scalp short should be closed and prepare for a new long to retest the resistance and higher target. (Condition: we need Gold and Silver market be back to theirs rally, if not. It is very risky for Bitcoin and Crypto market).
Note
SXP is just a small Token market cap, in which is hugely impacted by Bitcoin. As I said in the condition, BTC or Crypto is just a small market, it needs to wait for the signals from Gold and bigger '' markets'' to confirm the liquidity and sentiments. I am not surprising to see that the price is finding its new floor but a break out did not happen soon. Again, Gold and other equities market are the KEY!
Trade active
Entry: LONG at 2.6 - 2.8; SXP has tested it support, and given the condition in XAU, I expect to see a rally in SXP again.Target: Same as above.
Order cancelled
The bull target of this trade is not reached, but it is not really disappointed, because the drop in SXP is simply " correlated " to the crash / drop retracement in Gold and Bitcoin. As I mentioned above, Bitcoin and Gold are showing a very strong correlation. SXP is still a Altcoin out of the list of Top 30 or even Top 50 in market cap. It is very sensitive to any drop of #BTC and #ETH.
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