Last week my patience ran out of existences and finally decided to 'dump' my intention about getting a Crypto.com card. And ordered a Swipe one!
My card delivery got delayed for a few (boring!) reasons which I'm not in mood to talk about...
Plus Crypto.com annoyed me quite a bit with the almost 'scam-ish' MCO>CRO swap since I would never buy such overpriced coin and the only thing that I liked about MCO was their low supply of ~15M (and obviously the card perks).
Long story short, got very tired of CDC, purchased some SXP and ordered a Swipe card.
And knowing that I'll be a 'long-term holder' of SXP (my lockup period ends in May), what a better time than now to make a bit of charting. (I bought at ~1$/SXP so I'm a bit down in this position).
At first sight, we can see that SXP experienced a monstrous bull run which started in early July being valued at roughly 0,5$ which ended ~45 days later when SXP reached their top at +4,5$/SXP.
Has been correcting ever since with 2 clear phases of the bull trend:
'Bull trap-FOMO phase' where late buyers were FOMO'ing being victims of their greedyness.
'Taking profits-downtrend phase' which clearly we can define with a diagonal trendline.
At the end of the downtrend line, we can see the typical breakout happening. This is where we 'should' wait for a retest of the previous downtrend as reversal confirmation. It still has room to keep falling.
This obviously changes from trader to trader. In my case, I prefer to be a bit early rather than late, and not always wait for a confirmation to enter a trade (this obviously have advantages and disadvantages).
I entered at this daily candle, a couple of days after the breakout from the diagonal trendline. (You can see the red circle in all the above images btw).
If you're used to reading posts of mine, maybe you remember this post from a while ago where I explain why I like to trade setups taking in consideration the MACD indicator.
This case isn't an exception.
3D MACD timeframe benefiting my long setup? Yes, please.
Anyway it will be a long hold and I pretend to take maximum profit of my cashback rewards, so I won't be selling at least until half a year later.
I'll keep you updated on this one. As always, DYOR before purchasing a coin for fundamental reasons and watch out. Crypto is the wild west.
Have a great weekend!
You can follow me on Twitter
