Across the crypto space I'm seeing mixed signals, some look ready to go while others look like they need one last flush out, a sweep of the lows, a spring. Syntheticx is a prime example of this. While there doesn't need to be a spring, if we do get one it'll provide excellent entries to enter long term positions.
Key points:
The trade:
D.Y.O.R. DO NOT BLINDLY TAKE THESE TRADES.
Never Trust. Verify. PLEASE DO YOUR OWN ANALYSIS.
This is not financial advice. These are just my observations.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Key points:
- Appears to be at the end of phase B of Wyckoff accumulation
- There will be a lot of lequidity (Stop's) below lows setting up for a Swing failure Pattern (SFP)
- Confluence with other coins such as VET suggests there could be one more push down
- Waiting for a spring will provide a better entry
The trade:
- Entry 1: SFP- enter below the low @ $1.396 - Careful - RISK of meltdown with no clear stop.
- Entry 2: enter on the local 0.618 after a spring
- Entry 3: add to positions on any additional 0.618 pullbacks
- Target 1: near top of range at $3.00
- Target 2: monthly resistance at $7.34
- Target 3: Monthly high resistance $18.72
- Target 4: Moon bag - $139 - not impossible but unlikely due to 38b MC
- Stop 1: once price reacts - below previous low
- Stop 2: move up to local .707 after reaction
- Stop 3: move up to just below resistance levels as they are broken and retested from above
D.Y.O.R. DO NOT BLINDLY TAKE THESE TRADES.
Never Trust. Verify. PLEASE DO YOUR OWN ANALYSIS.
This is not financial advice. These are just my observations.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.