Spread Coin W Pattern
BITTREX:SPRUSD
Looking at the chart of Spread Coin in terms of dollars, it seems like we are making a W pattern in the long term, thepatternsite.com/bigw.html , which means that we make a double bottom, in this case around $0.20 USD, and a double top around $3.60 USD. In theory this pattern will be confirmed when we surpass $3.60 USD, in which case the price target will be at least twice that, about $7.20 USD. It is now trading at $0.35 USD. From there to $7.20 USD it will be about 20 to 1 return. And it is a very small cap coin, only $3.4 million dollars capitalization, coinmarketcap.com/currencies/spreadcoin/ , it trades manly on Bittrex.
Besides all that, it has now surpassed the 20 and 50 day moving average to the upside, moving from as low as $0.18 USD to $0.35 that it is trading today. It has been showing a MACD positive divergence signal for a few months, which means MACD moving up while price was moving down, which was an early indication that price was about to change.
But more important, it is about to give us a full MACD buy signal when it surpass the cero level on that indicator, which looking at the chart, it seems like that could happen this week or next. The last time it happened the coin move from $0.40 USD to $3.60 USD in just 5 weeks. Well see what happens this time. All I’m saying is, it is looking good to me.
Anyway,
Good Luck in your Decisions
Looking at the chart of Spread Coin in terms of dollars, it seems like we are making a W pattern in the long term, thepatternsite.com/bigw.html , which means that we make a double bottom, in this case around $0.20 USD, and a double top around $3.60 USD. In theory this pattern will be confirmed when we surpass $3.60 USD, in which case the price target will be at least twice that, about $7.20 USD. It is now trading at $0.35 USD. From there to $7.20 USD it will be about 20 to 1 return. And it is a very small cap coin, only $3.4 million dollars capitalization, coinmarketcap.com/currencies/spreadcoin/ , it trades manly on Bittrex.
Besides all that, it has now surpassed the 20 and 50 day moving average to the upside, moving from as low as $0.18 USD to $0.35 that it is trading today. It has been showing a MACD positive divergence signal for a few months, which means MACD moving up while price was moving down, which was an early indication that price was about to change.
But more important, it is about to give us a full MACD buy signal when it surpass the cero level on that indicator, which looking at the chart, it seems like that could happen this week or next. The last time it happened the coin move from $0.40 USD to $3.60 USD in just 5 weeks. Well see what happens this time. All I’m saying is, it is looking good to me.
Anyway,
Good Luck in your Decisions
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