SXP/USDT-A cup with a handle or a potential head and shoulders?
Updated
Hello everyone, analyzed the SXP/USDT pair
In addition, I attach the SXP chart in a pair to the dollar to the recent forecast, which was paired with BTC
It is worth noting that the open interest in this coin is very high, this can be seen both in the volume and in the news background
It makes sense to look at it in the medium term.
Here, too, a huge pattern is almost formed for the continuation of the uptrend " Cup & Handle"
Now there is a final stage of formation in the form of the final element "Handle", the philosophy of this action is to accumulate positions, that is, accumulation, before entering the " price liberty zone"
The green block on the chart 3.26-2.8$ is the buyer's block, the red block on the chart 5-4.32$ is the seller's block and the final resistance.
The chart also shows hypothetical options for further price movement, the meaning of which is the same in the end, just with a different structure of the final accumulation.
Why I do this analysis, and point to a possible "head and shoulders" pattern, is because many traders see the "cup and handle" formation.
Expectations of a breakout of the level or a payoff from the green block are seen by everyone, so be careful and open a position only when you see a confirmation for yourself, in a particular position.
Trade wisely, do not overestimate the risks in trading.
Trade with your trading system, do not overestimate the lot in the position and do not overestimate the risk management.
Join our free, open community - share your thoughts, schedules, and knowledge with everyone. There are no VIP channels, no premium groups, no annoying ads. Free society and free crypto trading.
LINK IN BIO
In addition, I attach the SXP chart in a pair to the dollar to the recent forecast, which was paired with BTC
It is worth noting that the open interest in this coin is very high, this can be seen both in the volume and in the news background
It makes sense to look at it in the medium term.
Here, too, a huge pattern is almost formed for the continuation of the uptrend " Cup & Handle"
Now there is a final stage of formation in the form of the final element "Handle", the philosophy of this action is to accumulate positions, that is, accumulation, before entering the " price liberty zone"
The green block on the chart 3.26-2.8$ is the buyer's block, the red block on the chart 5-4.32$ is the seller's block and the final resistance.
The chart also shows hypothetical options for further price movement, the meaning of which is the same in the end, just with a different structure of the final accumulation.
Why I do this analysis, and point to a possible "head and shoulders" pattern, is because many traders see the "cup and handle" formation.
Expectations of a breakout of the level or a payoff from the green block are seen by everyone, so be careful and open a position only when you see a confirmation for yourself, in a particular position.
Trade wisely, do not overestimate the risks in trading.
Trade with your trading system, do not overestimate the lot in the position and do not overestimate the risk management.
Join our free, open community - share your thoughts, schedules, and knowledge with everyone. There are no VIP channels, no premium groups, no annoying ads. Free society and free crypto trading.
LINK IN BIO
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