XCP/BTC Long Trade is Overcrowded
Updated
Counterparty (XCP) is one of the older cryptos that has been around since 2014 and it has survived through many market cycles. The prevailing notion is that XCP is at long-term years long support and should go up from here. However XCP has struggled to rally from these "guaranteed bottoms" and faces significant resistance above current levels. I see a possible drop down to 0.00085 (January 2016 lows) similar to support breaks like MTL and XRP recently. I do have a bag with a stop at 0.00098
Note
I got stopped out of my bag at 0.00098 on July 24th. Watching and waiting for 0.00085 before thinking about reentering
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