Price action for XDB from March 14, 2022 to the present has been pretty remarkable. From a Wyckoffian perspective, we observe a hyperdermic distribution after the buying climax (BC) on March 23. The red arrows point to volume spikes. In these 3 instances they illustrate heavy selling. It’s possible that we have observed a local selling climax (SC) on April 7. If it was a SC, it’s likely the price will enter a trading range. The first level of significant resistance is around $0.34; this corresponds to the price level at which the last significant amount of selling started.
I have opened a long position at $0.25 and expect the price to pause around $0.34.
Wyckoff abbreviations: preliminary supply (PSY), buying climax (BC), automatic reaction (AR), sign of weakness (SOW), last point of supply (LPSY), selling climax (SC).
This is not financial advice. I am not your financial advisor. This is my opinion.
I have opened a long position at $0.25 and expect the price to pause around $0.34.
Wyckoff abbreviations: preliminary supply (PSY), buying climax (BC), automatic reaction (AR), sign of weakness (SOW), last point of supply (LPSY), selling climax (SC).
This is not financial advice. I am not your financial advisor. This is my opinion.
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An update on the XDB price action. This trade is still open.
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Congrats to everyone that entered this trade with me! This trade is now closed.
Open: $0.2500
Close: $0.3422
P/L: +36.88%
Open: $0.2500
Close: $0.3422
P/L: +36.88%
Target 2 is around $0.42.