SXP / TetherUSLong
Completing Cup and Handle pattern in Swipe (SXP) ?
SXP may be experiencing a Cup and Handle pattern started 02/09 the first upper part of cup, following the bottom in 02/28, one could argue that 02/23 is the bottom but I considered the first because of the Fibonacci requirement and Lower Volume, the second upper part of the cup 03/11 which trys to break the previous local top (02/09) following the Handle. - The probability is higher when these requirements are met:
Volume must be higher in Tops, and lower in bottom and handle;
The handle should go down to 50% retracement from the bottom.
Other Indicator which may shows a beginning a of a up trend in this context is MACD (4h) aiming MACD line to go above limit 0 (zero) of Histogram after 14 days.
And MFI crossing 50 points (at time I write this) almost nothing for a price close to local top compiling with these indications of a uptrend.
The breakout must break Resistence at 3.288 and 3.35 and the last 3.79 (the upper part of cup).
If you were convinced, a stop-loss must be allocated in TOP the candle which touched the 50% retracement 2.96$ depending on your risk averse.
A Take-Profit on Amazing ATH, why? because in Cup and Handle pattern the exit is the size of bottom of cup to the handle breakout, in our case it goes more or less to known price of 5$ dividing profits along the way.
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