XTP's Downtrend ended in may 8 with the capitulation to 9 sats and the accumulation has lasted 40+ days.
I expected a double bottom to form around 10 sats but the market was happy to take 11.
With this in mind we are ready to find our TP's and begin planning where we will sell and where we will hold.
As usual I am using the gold fish strategy.
We have crossed the orange MA the gold fish and we can extend as high as 30 in this first rally.
I expect selling pressure to come in at this level and provide a nice short set up in anticipation for a trap in the high 10's.
Once the trap takes place I may swing in higher time frames i.e. 45m & 5m.
From the trap we will look to the natural 0.5 level at 50 sats
At this point I will stop trading XTP as I expect very high volatility in route to the psychological .618 I will likely take XTP off my watch list to avoid temptation to swing and simply hold until the 3.618 fib extension of 300 sats.
For this to take place we would need to see a rotation into small caps such as XTP. Similar set-ups are becoming visible in similar caps such as AKRO & RSR which I am actively trading.
If you are new to this type of analysis be sure to check my previous posts.
Win count for 2023: 40 W - 0 L
I expected a double bottom to form around 10 sats but the market was happy to take 11.
With this in mind we are ready to find our TP's and begin planning where we will sell and where we will hold.
As usual I am using the gold fish strategy.
We have crossed the orange MA the gold fish and we can extend as high as 30 in this first rally.
I expect selling pressure to come in at this level and provide a nice short set up in anticipation for a trap in the high 10's.
Once the trap takes place I may swing in higher time frames i.e. 45m & 5m.
From the trap we will look to the natural 0.5 level at 50 sats
At this point I will stop trading XTP as I expect very high volatility in route to the psychological .618 I will likely take XTP off my watch list to avoid temptation to swing and simply hold until the 3.618 fib extension of 300 sats.
For this to take place we would need to see a rotation into small caps such as XTP. Similar set-ups are becoming visible in similar caps such as AKRO & RSR which I am actively trading.
If you are new to this type of analysis be sure to check my previous posts.
Win count for 2023: 40 W - 0 L