Price action for XDB from March 14, 2022 to the present has been pretty remarkable. From a Wyckoffian perspective, we observe a hyperdermic distribution after the buying climax (BC) on March 23. The red arrows point to volume spikes. In these 3 instances they illustrate heavy selling. It’s possible that we have observed a local selling climax (SC) on April 7. If it was a SC, it’s likely the price will enter a trading range. The first level of significant resistance is around $0.34; this corresponds to the price level at which the last significant amount of selling started.
I have opened a long position at $0.25 and expect the price to pause around $0.34.
Wyckoff abbreviations: preliminary supply (PSY), buying climax (BC), automatic reaction (AR), sign of weakness (SOW), last point of supply (LPSY), selling climax (SC).
This is not financial advice. I am not your financial advisor. This is my opinion.
I have opened a long position at $0.25 and expect the price to pause around $0.34.
Wyckoff abbreviations: preliminary supply (PSY), buying climax (BC), automatic reaction (AR), sign of weakness (SOW), last point of supply (LPSY), selling climax (SC).
This is not financial advice. I am not your financial advisor. This is my opinion.
Note
The Phoenix Ascending indicator is given in the bottom panel. The red dotted line is a projection of the potential path of the red RSI. The grey dotted line is a projection of the energy (momentum). Target 2 is around $0.42.
Note
An update on the XDB price action. This trade is still open.Note
Congrats to everyone that entered this trade with me! This trade is now closed.Open: $0.2500
Close: $0.3422
P/L: +36.88%
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.
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.