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.
My position:
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).
What I said about MACD?
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!
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