$SXP short idea. Not looking great unless it breaks above.
SXP has been on a steep downtrend after peaking out at $5-ish.
The hype cycle was very fast, whole CT was bullish, everyone bought in on the news that it will launch the card and it will be the next big thing on crypto and things like that.
Once the card actually came out, they gave in, and we now need to stake Bnb and (NOT SXP), which, in my opinion justifies the short.
I'd possibly not buy this now. looks like a clean bearish retest on the compressed 4h chart. :)
I'd short it with a small capital, with stops set above the zone.
Let's see where it goes :)
The hype cycle was very fast, whole CT was bullish, everyone bought in on the news that it will launch the card and it will be the next big thing on crypto and things like that.
Once the card actually came out, they gave in, and we now need to stake Bnb and (NOT SXP), which, in my opinion justifies the short.
I'd possibly not buy this now. looks like a clean bearish retest on the compressed 4h chart. :)
I'd short it with a small capital, with stops set above the zone.
Let's see where it goes :)
Trade closed manually
It hit my stops, and even though I'm still bearish, I closed this as it did not respect the zone.
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.