Breakout coming will it be a move up?The current situation:
1. Price action has been in a bullish symmetrical triangle with the measured move to be about 48.5 USD and the chance of breaking upwards to be 60%. However, do pay attention to the 4HR 200 moving average that is currently acting as resistance to the breakout, There are several moving averages that is under the current price action acting support and a few attempts to break the 4HR 200 have also been tried for the past couple candles, so if a breakout happens, it could break this moving average this time.
BTC dominance also has bearish divergence on the 6HR. If that plays out and BTC dominance drops, it will be another confirming signal for altcoins to bounce.
2. There is currently bearish divergence on the 6HR chart and a RSI reading of about 80 for the last high on the 4HR chart. So a strong breakout may be needed to make higher highs on the RSI to negate bearish divergence playing out, otherwise the breakout may be short lived.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
OXTUSD trade ideas
$OXT strong support daily 200 EMABinance just listed $OXT on their exchange and spiked up to $0.47 and is back in the $0.33 - $0.38 range. The daily candle needs to close above $0.34 to turn the resistance into a support zone. New exchange listings come with a pump and a sell off for profits but I'm still bullish long-term for $OXT based on fundamentals. I'll keep an eye on the daily for any signs of reversal, but the price movement will rely heavily on $BTC and $ETH.
History has a tendency to repeat itself.I’ve found that chart patterns frequently repeat themselves, and this occurs in all markets, whether it’s equities, forex, crypto, etc. You can find almost identical movement in every time frame.
For OXTUSD's chart in particular, you can see a shape that’s similar to an “m” frequently through its down trend. You can spot this throughout the 5-minute, as well as any of the higher time frames.
If you zoom out on the chart and look at the daily, we are making the same exact pattern that we made when OXTUSD was first listed. It’s nearly identical. I have the first big run it made as well as the sideways movement that followed overlayed onto its latest big run.
So in my humble opinion, I don’t think this is where OXTUSD breaks out. I think we experience some slight downward followed by sideways movement for a while like it did before.
** Please note that I’ve only been trading since March. I am still very inexperienced. The ideas that I post are solely used to help me improve upon my own skills. I like to reflect on my ideas and see what I did wrong and determine how I could have done better. My ideas are not to be taken as financial advice. This is an update to my previous analysis on OXTUSD. **
OXT $1.80 target in the coming weeks!!!Trade it if you will, but looking at a repeat of last cycle. OXT is a relatively small cap coin listed on large exchanges. Price moves and swings up/down like this are highly expected. Volatility is low right now and this should be viewed as a buying opportunity before the next leg up.
OXT Due a Pump- BUT WHAT ABOUT EQUITY DUMP?FUNDAMENTALS:
If you have done your research, it will already be clear that the Orchid Network is a great project. Here are just a few reasons why:
Full release of Android, iOS, Windows and Mac apps recently. The application has been in beta testing over the past months but is now live.
OpenVPN and WireGuard, VPN network providers have partnered with Orchid. This will increase user connectivity speeds and allow for network scalability. I use the VPN regularly with little to no issues.
One may stake OXT tokens to become a bandwidth provider- this means that one is able to earn OXT through fees from selling their bandwidth to network users. Setup is currently the barrier to entry as it must be built from source code provided on Github. This is due to change soon! Orchid Network are developing an easy to use platform which can facilitate this.
TECHNICALS:
Bullish flag pattern/ descending wedge. Most people here will have already identified this, however, I am using Fib Retracement to speculate on where the next pump will end (roughly 400% from here- sounds like a lot but the market cap is only 17.3 million GBP).
OXT jumps on high volume falls on low volumeOXT jumps on high volume falls on low volume
we either do one more bounce to break all time highs or that was it and we are almost retraced before assenting higher. This is not based on fundamentals but bullish atmosphere in the market.
Also I am a painter and these are my paintings - not financial advice.