SXP/USDT in accumulation or will it break down?
Is SXP/USDT in accumulation ... or will it break down further? Let's figure it out, using market logic.
Whenever you're looking at the chart, always ask yourself "where are the whales selling and buying?"
SXP/USDT peaked at $4.8. A whale unloaded his bag and laughed all the way to the bank.
A person who was "buying the dips" was just catching a slow falling knife.
The bounces are looking weaker but ... look at the volume: its 1.29 million today.
Are whales loading up their bags for the next move up? Or will there be another nasty break down? It's up to the whales. Equally important is what BTC is going to do ...
Things I would love to see:
1. A massive hammer candle with huge volume.
2. A huge break to the down and then a V shape bounce up
3. Massive volume but many small candles (that signals whales accumulating. Kinda like BTC bottoming out at 3.5K with tiny candles but big vol.)
What you can do today
Since SXP/USDT is ranging, I'm longing this to play the bounce. But I'm being careful since an established range has a higher probability of breaking out.
I would like to see this range as accumulation before whales push it up. But I don't want to fall into wishful thinking -- instead, I'll carefully observe the market, trade the range and manage my risk.
Good luck with trading and safe stay my friend, I love you.
Talk soon,
Brian
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.