SXPUSDT (Swipe) Starting uptrend: first HL after bullish div
Updated
SXP usdt - starting uptrend first HL after bulldiv
After the bullish divergence on the daily, the price was consolidating for a while. Now Stochastic RSI is curling up and it seems the first higher low is forming on the daily.
After the bullish divergence, the downwicks showed some tails and the price was rejected a this -2 ATR level. -2 ATR has been the reversal zone for the daily already a couple of times.
Then after this upshot that went up to 1.20, it pulled back but found support at around 0.90. The consolidation went on and there were some stabs down, but on the 4H TF you can see that the candles never closed below 0.90.
The impulse changed to green on the 4H Timeframe, and although the candle is only on one third of it’s duration, the impulse is green.
I expect a move up now and change of trend. If that happens, I expect it to move up to the target zone between 1.58 and 1.76. I will get out in thirds, but that will also depend on the patterns then and how things will look like.
If the trend shows good strength, I might be able to higher the stoploss if a new HL show ups. This will make it possible to add to these support levels.
On the 4H Timeframe we can see that it did hit this 0.88 - 0.90 support level, but as said the candles never closed below it, when some level has been visited four times, and then bounces stronly off, it show us it does not want to go that way.
The impulse has changed to green and the EMA’s have crossed.
Entry: to be defined on shorter TFs. Good levels are 0.95 - 1.01 (currently price is pulling back on the 1H TF, and I am looking for that decline to tick up again and then buy).
R/R ratio:
1:5 up to 1:7
Stoploss: 0.87
Trade closed: stop reached
Due to this insane bitcoin dump, the alt setup has been broken. Stop has been reached.
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