Sxpusd
SXP - RETESTSXP could be on the verge of making a nice move up. We recently broke the descending trendline and we are retesting the broken structure and descending trendline.
Trade idea:
Watch for a bounce off the structure and get in with stops below the structure.
First TP: Previous highs (2.60)
Second TP: Structure level indicated on the chart (3.40)
SXP still lostSXP is my worst acquisition yet, I am glad it is marginally in the green. As Bitcoin went on a mission setting a new ATH after testing the 20W SMA at 40k back is Sep, most Alts bled in their BTC pairs without any realized profit in their USDT pairs. But where are we now?
1) SXP is below the Ichimmoku Cloud => no strength to the upside.
2) SXP Ichimmoku Conversion Line is below the Base Line => no strength to the upside
3) SXP is way below the 8W SMA => no strength to the upside.
4) SXP RSI is still flat and below 50 => no strength to the upside.
I remain bullish for the whole market, I remain bullish for SXP... but till the indicators above show some strength, SXP is going nowhere.
If you are a HODLer, there is no harm in accumulating. If you are a leveraged trader, you are better off going long after BTC's pullback.
SXP the lost puppy from Binance Considering the market overall current spike, SXP remains almost all year a non-mover. And even the move from the Abyss of May to the local high of Sep, it didn't perform much.
I have a history of losing chances with SXP in the past. Will SXP take me down again this time?
Here is the outlook, that confirms this Alt is forgotten and non-mover:
1) Overbought on the 4H RSI chart
2) neutral on the 1D RSI chart
3) still a red signal on the Ichimoku Signal
4) far from being green on the Ichimoku Cloud
The question remains will Binance rescue its puppy or let it have a slow quiet of death? I am betting with my wallet on a rescue mission.
Weekly MACD and RSI contractionHi,
Noticed a weekly contraction on both signal indicators MACD and RSI (to be confirmed) on the pair SXP/BTC and I am wondering how to interpret this.
On a weekly basis, this could be a very strong signal. So, which direction will take the movement if any? Is an explosion of SXP in preparation?
Please share your thoughts.
Thanks
SXP/USDTSXP is now retesting the resistance of 3.9 - 4.1 area. So far SXP unable to close a candle above the resistance area and the long wicks showing selling pressure. Wait for a candle close above this resistance level. The support is 3.45 - 3.55 and this is good buy zone for SXP. Wait for a breakout or a retest of support zone.
SXP IS WILLING TO TAKE A SWIPE AT 6SXP is visibly climbing a trend line. It has been respected a few times. MACD is showing divergence in the positive zone. In fact, SXP has stood its ground although the market is shaky right now. We might see a retracement, but it will be a step backwards to leap upwards. RSI is cruising around in the overbought zone, so a minor retracement is not out of the ordinary. Volume is not sufficient, TBH, as it is with most altcoins. Tread cautiously!