$SXP Cup & Handle - The handle begins to form
This is my first published idea, so cut me a little slack please :)
I've been waiting for SXP to break out of it's cup, and it seems like we've had a few failed opportunities over the past few weeks. However, we hit the ATH today, which was quickly rejected back down to the level right above the the left side of the cup. This tells me that we're actually entering the 'handle' stage. Exciting, gentlemen & gentleladies.
From here, we're looking for the formation of the handle. Rational thought tell us that handles typically last between 25% - 40% the total width of the cup. Unfortunately Crypto isn't rational--but we're still going to use that guidance, which would put us at a breakout of the handle between June & the first week or so of July.
What we're looking for is a breakout into the green zone on extremely heavy volume. We'll be looking for something above 150M on the daily on Binance. If we do enter the 'green zone' on heavy volume before our predicted dates, we will be taking a long position as soon as both volume breaks 150M & price breaks it's previous ATH daily close of $4.72/$4.73.
Our optimistic target will be the $8.90 area, as that would be the current height of the cup above the breakout area.
Right now I'm staying neutral, but bullish in the short to mid-term.
signed,
biggest n00b in the world
I've been waiting for SXP to break out of it's cup, and it seems like we've had a few failed opportunities over the past few weeks. However, we hit the ATH today, which was quickly rejected back down to the level right above the the left side of the cup. This tells me that we're actually entering the 'handle' stage. Exciting, gentlemen & gentleladies.
From here, we're looking for the formation of the handle. Rational thought tell us that handles typically last between 25% - 40% the total width of the cup. Unfortunately Crypto isn't rational--but we're still going to use that guidance, which would put us at a breakout of the handle between June & the first week or so of July.
What we're looking for is a breakout into the green zone on extremely heavy volume. We'll be looking for something above 150M on the daily on Binance. If we do enter the 'green zone' on heavy volume before our predicted dates, we will be taking a long position as soon as both volume breaks 150M & price breaks it's previous ATH daily close of $4.72/$4.73.
Our optimistic target will be the $8.90 area, as that would be the current height of the cup above the breakout area.
Right now I'm staying neutral, but bullish in the short to mid-term.
signed,
biggest n00b in the world
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