SNXUSD trade ideas
SNX Updates: Two Items todayNote the following quotations are their words, not mine. I am just passing this on to my fellow SNX hodlers to keep you abreast of either delays or progress (I see it as both).
1. "Today (October 19, ~21:00 UTC) the Kaus release will begin, implementing a minor upgrade on both L1 and L2. During this release there will be no downtime on L1 or L2. Here's what’s included in this release: SIP-187 - Fix Partial Synth Updates In Debt Cache: Fixes an issue with partial updates of synths in the debt cache which is causing the cached debt value to not update after minting and burning sUSD. This release is called Kaus , which like all releases is named after a star (in order of visual magnitude)."
2. Also, the Synthetix folks "have been busy building the future of the Synthetix protocol and have launched our decentralized perpetual futures on testnet. All futures will be traded through Kwenta and to celebrate, we've launched a free trading competition for our community with up to $50,000 in prizes. The signup process is easy (you just need a wallet address and a twitter account) You can visit the Registration Page or for more detailed instructions, visit the Kwenta Blog. As a contestant, you will have the first public look at our new perpetual futures trading platform, powered by Synthetix. As the first truly decentralized and composable derivatives protocol, our perpetual futures are optimized by simulated liquidity, which helps ensure you get the best fill across any asset."
So, they have a few irons in the fire, which may actually be retarding price action for the time being, but in my humble opinion, an improved protocol will be a more valuable protocol. - TG-L
SNX Synthetix developing closed wedge, more consolidationSNX Synthetix has a closed wedge formation that formed late sept. Price could come to a head in the coming weeks. Current rez line is 15.80.
Snx on the monthlyA pretty good looking set up up for $snx it is long overdue for a move against Bitcoin as well
Wyckoff AccumulationPossible Wyckoff Accumulation for long setup. Target still remains around $20.
Not Financial Advice
BS
SNX Up 14.40% from Base PreliminarySNX has netted me 14.40% gains from a 9.4621 base preliminary I made yesterday, after a series of DCAs I made on the way down (yellow rays), beginning at 10.9048. I expect this swing to keep climbing after a series of tests and retests and minor corrections peaking around the 2.272% Fibonacci level where I'll consider liquidating my position after taking profit at each fib target level on the way up. Wishing everyone prosperous and safe swing trading -- Jalapablo
*Professional Wyckoffian VSA crypto swing trader (since 2017). I regularly seek out the most lucrative swings on all the major exchanges.
All my charts are clean, straightforward, and easy to follow. No junk, no needless indicators, just solid volume spread analysis ( VSA ) and 'take-the-money-and-run' Fibonacci target zones.
I go after the runners and big money. My win rates are between 80-85%. Follow me on TradingView and see for yourself.
I review over 300 coins & tokens daily and handpick all the runners myself (no bot signals).
** Not financial advice. Trade at your own risk.
SNX-USD Reaching the end of a retracementHey guys!
I'm currently HODLing some SNX that I recently bought due to the vibe I got from the hourly chart of COINBASE:SNXUSD . There's a clear rhythm (up and down seasons) to the Madrid Moving Average Ribbon that would suggest that we're reaching the bottom of the "down" season for SNX that started around 09/16. If history repeats itself, we'll see a $4-$6 jump by Thursday morning. Let me know what you think in the comments!
David
SNX Upcoming week thoughtsLet's see how this plays out.
Expecting to hit the following Fibs. Will ladder in at the lower Fib.
Not financial advice.
Potential SetupThis is a perfect place for this common accumulation fractal. I see this as the most likely scenario, and will take us up to the ~$21-$22 resistance line.
This is not financial advice.
-BS
SNX/USD 1D Breakout PatternIdea
SNX/USD is on the brink of a potential breakout to the topside on the 1D chart @ 14.90. The set up seems to suggest a bullish continuation for SNX/USD up to about 20.00 in the short term.
Price Structure
Top Trendline: 14 Feb ‘21 @ 29.00, 18 May ‘21 @ 25.90
Bottom Trendline: 26 Jun ‘21 @ 5.50, 21 Jul ‘21 @ 7.10, 07 Sep ‘21 @ 9.30
Middle Trendline (Breakout): 11 Jul ‘21 @ 14.95, 21 Aug ‘21 @ 14.50, 15 Sep ‘21 @ 14.90
Conclusion
This is a short term trade idea so take your profits @ 20.00 (do not be greedy). The difference between the middle trendline and bottom trendline is roughly $5.00 so if we tack that on to the potential breakout level of 14.90 we get 19.90. We also had an exponential moving average crossover on the daily (12-26) 13 Sep ‘21. Bitcoin is “golden crossing” which helps the case for our trade. Good luck!
SNX sugar....SNX is another coin that has not pumped in the recently rally, we think the bullishness for the entire crypto space will spread like wild fire and it's only a matter of time it reaches the SNX camp.
BULL CASE
Price may find immediate rally from, blast past it and find consolidation well above the 200MA near the $20 levels.
BEAR CASE
In the event price dumps from here, we think the immediate support at 11.2 will hold and it rallies into the bullish Q4 of 2021.
Snx $Any day now…. Most underperming asset in my portfolio with such great potential. People are sleeping on SNX 17-30$ his month imminent
Another Viewpoint!!Continuing on my previous chart, presenting another viewpoint for you to consider. you can find the other charts below.
Bullish divergence?On the 4 hour chart we have a bullish divergence on the RSI. All things considered I think that SNX is ready to break out. If Bitcoin holds the 21 week MA, I’m very bullish.
Ascending Broadening Wedge with Bearish Divergence on MACD & RSIUpon Breaking Down i think it will make a minimum of a .786 retrace from the last low to high.
SNX Target in the range of one or two monthsHi. I observe two goals. they are indicated by the intersection of the gray and blue lines.
1.gray $ 13.64
2.blue 20.5 $
[UPDATE SNX] 114$ will be the top of this cycle for Synthetix!!!After every dip we reached the 4.2 Fib level.
Looking forward.
Massive Double Bullish DivergenceJust wanted to point out the giant double bullish divergence on the SNX weekly chart. I think triple digits are possible before next summer. Good luck everyone.
