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SXPPERP trade ideas

SXPUSD - Consolidation & Expected Trend ContinuationThe recent correction in SXPUSD was part of a market wide event triggered by volatility in BTCUSDT . We have now been squeezed into a range bound consolidation. Potential outcomes in the short term: Remain range bound and essentially pegged to price action on BTCUSDT . Prevailing uptrend loses intensity, but not necessarily invalidated. Maintain prevailing uptrend and breakout of consolidation zone. Retest of local high around 5.0 if trendline support is respected , otherwise establish new range at higher bounds. Break below bottom of consolidation zone and break current market structure. New range established at lower bounds. I have been accumulating at the bottom half of the range and selling in the top half. This is also, IMO, a good long term hold. Long term trend for BTCUSDT is looking bullish as it recently broke out to the upside on a long timeframe wedge, and it is likely to bring alts along for the ride.
BINANCE:SXPUSDLong
by Derivati_Capital
SXP keeps its supporting levels, consolidation and pullback. SXPUSD It is likely that SXP will break its bearish trend with the double bottoms shape. Conditions: Good signs: XAU/ XAG, equity markets and BTC are holding and keeping its bullish momentum. Alligator indicators are expected to see the crossover between the Jaw and Lip Lines, which will show the bullish trend. Drawback: BTC remains consolidation and keep its important price above 11k2. Otherwise, if BTC can not hold its level, we will likely see another dump in SXP. SXP or Altcoins is highly impacted by BTC and ETH. Be careful to exit the trade, if BTC drop out of its bullish trend. Market structure: Consolidation ( still in the bearish trend, Lip line is above Jaw line), it means that Price is still in the ranging zone, however 2.5 - 2.7 demonstrated a strong supporting level. Target: 3.5 and 5 or Higher. Entry: Orange zone: acting as a resistance for seller's entry. Orange zone, Buying zone for buyers, if the price actions can break above this weak resistance and hold its level as a support. Exit: Stop loss 2.0 - 2.2 for Buyer, 3.6 - 3.8 for Sellers. Thank you for your supporting and comments.
FTX:SXPUSDLong
by JokerVN30
2
SXPUSD breakout imminentNearing the end of the wedge, I assume that it could either use the dashed resistance and carry on through the wedge, and break out earlier than expected. If it breaks below the dashed resistance, the price could go as low as $3, since humans like round numbers. This will likely be a big buy-in point, and a huge resistance point for the downtrend. It will likely not go below this. If the price breaks below resistance point, expect price to continue through the wedge, where a breakout will also be expected.
BINANCE:SXPUSDLong
by extendedgift