AMP Token - Floor PricesSome of my thoughts about the AMPUSD chart are introduced here, which I hope you will challenge with tough questions. After all, these ideas of mine are meant to arouse the reverse-engineers, and to provoke the thinkers, to do what they do best. As always, I strive to render them so obviously as to require no words.
Nevertheless, the AMP token deserves some attention for fundamental reasons, beyond those which the discounted price suggests. Citibank just released its native digital token product, which is a leading indicator of the direction that the payments and remittance industries will take, and AMP is one of those tokens with such utility.
Currently, the 3.5:1 Long trade is merely one of many setups that are coming into focus as the recent accumulation phase comes to an end. Some time estimate is suggested, however the price may well be at near its floor, so that HODLing might be an alternative to profit taking for those not in need of the dry powder for other skirmishes.
Although my trading strategy is built on innate Pattern Recognition and a hard-won sympathy for the Market Maker’s Business Model, my tactics - including the beauty of Tradingview and how it makes me look good - are based on identifying the opportunities within VOLUME, VOLATILITY and TREND EXHAUSTION.
Again, it must be noted that harmonic patterns are NOT confirmed until the D-point prints, ergo trading the CD leg is especially risky, and requires real-world context not available on the naked chart. In this case, that fact that AMP has NOT participated in Bitcoin's rally of 2023 is a good sign, coupled with a growing acceptance (not without dread) of digital money in the form of CBDCs and banking products.
Generally, pure crypto investors might do well to learn about sector rotation, or else develop the the skillsets for scalping instead of swing trading.
I intend to publish a more comprehensive video surveying the current setups and opportunities in crypto projects, although it must be admitted that there aren't many. First, though, I have a few more ideas to upload as I update other key charts for the final Quarter of 2023.
Until then, be liquid !!!
