SXP: Round 2

hey guys if you like this content i would 
greatly appreciate it if you guys liked   the video and subscribed to my channel 
it helps uh make these videos worth it   going forward hey guys Altcoin Sherpa 
here with the daily coin analysis   today i am going to be talking about sxp swipe 
uh i did a video on this before so please check   the history if you want to look at my first 
thoughts but this has been moving very strongly   as always this is not financial advice 
i am not an expert do your own research   i'll look at this sxp btc pair first because 
it has a little bit more price history just   a little bit i think oh no actually it's the same 
just a few days anyways uh this is a bullish coin   and i think that this has a lot of potential 
in general if you look at the uh sxp btc pair   i mean this went really high in the summer 
of 2020 this was decentralized finance summer   big blow off top and um just nasty nasty nasty 
downtrend after that this is a good example   of what can happen to your crypto coins uh in 
a downtrend and this is not even a bear market   because a true bear market in my opinion is more 
highlighted by bitcoin going bad bitcoin is really   pumping during this time and this still went 
really bad um now all btc players generally do   poorly when bitcoin is strong but the usd pair 
was also pulling back heavily as well so that's   kind of like a double whammy 95 percent 
at the bottom from the top i mean this is   over the course of just a few months to really 
from august to january and this is a good example   too of how brutal crypto downtrends can really 
get i mean anybody who traded in 2018 and 2019   really can resonate with this and i know i got 
absolutely [ __ ] wrecked in 2018 and 2019 so   uh it was a good healthy reminder actually 
this was decentralized finance summer for what can happen because we had a really 
nice summer run and then the fall was just   really brutal but what are we looking at for 
the sxp btc pair we saw a massive downtrend   we saw a rounded bottom reversal here and this 
is one of the classic reversal patterns that you   can see in alt coins all pcc pairs have all sorts 
of reversal patterns they have v-shape reversals   they have rounded bottom reversals they have 
kind of accumulation bottoms where they just sit   in ping pong in between and i have a video 
on accumulation so be sure to check that out   what are we seeing right now we see this uh 
6800 area as resistance this was resistance   back in november of 2020 it there were several 
days where price could not break that level   and then price just kept heading lower and 
now right we can see that this level remained   relevant even uh up until recently at the end 
of march where it was still resistance but as   i always say resistance and support gets weaker 
and weaker the more times it's tapped in this   case we saw this area tapped over and over again 
these sellers were all gone by the time price kept   coming back to this level those sell orders 
are getting filled and price now blitz higher   um i'll take these away for right now and 
explain them later now we saw a good retest here at the 7000 satoshi's area 
and uh price is now bouncing this next level at 10 000 satoshi's looks like 
the next area up and when you look also at volume   profile uh this area from 7000 to 10 000 really 
there wasn't much trading volume so generally   speaking you like to see you'll generally see some 
sort of movement like this to fill this area out   but overall it still has high upside i mean 10 000 
is certainly my target in the short term i think   it will hit this area and i like this sxp chart 
because it's fairly clean the levels are defined   these areas all seem clear to me which 
is important when you are charting and   when you are trading because you want 
clear targets both for entries and exits   for me i bought a lot of sxp yesterday on the dip 
and i'm still bullish on this coin in general i   mean there's still solid volume coming in still 
even more solid volume coming in recently too   and uh there are some volume gaps on the volume 
profile up until about 15 000 satoshi's is kind   of like the next significant area and you 
can see that right here right here i mean and it also coincides with this sr level too on 
the daily so generally speaking you'll also see   these sr levels coincide with volume profile 
levels but the bottom line is that i'm very   bullish on sxp the emas also look very good as 
well you'll see that this 50-day ema has proved   to be very solid support uh on the way up for 
instance you could have just bought the 50-day ema   pretty much since february and just like had good 
entries and uh right now we're seeing the 200-day   ema act as resistance it was fairly clear that 
this was not going to break on the first go but   what we're going to see in my opinion is we're 
going to see price go higher and we're going to   see this 50 uh day ema bullishly cross over 200 
uh and this is usually a very bullish sign uh   in general so what i'm looking for is price to 
go up test this 10 000 uh 10 000 satoshi's area   probably break down a little bit and then continue 
higher so the sxp btc pair just looks really good   right now i think 10 000 is fairly safe in terms 
of a target and potentially 13 000 i am not so certain that 16 000 will get tapped it 
certainly could i don't want to you know   say fudd or anything like that but i am staying 
cautious and being overall just more cautious and   conservative with my targets could it go all the 
way higher to like this 20 000 or higher level   absolutely um i will just observe the market as 
it comes but i'm going to keep my targets fairly   conservative for now for sxp but it still looks 
really good there's strong volume coming in not   quite as much volume as that insane run up in 
the summer but i personally feel that the big   volume is still yet to come uh here in the coming 
weeks so let's look briefly at the sxp usd pair   this again is a good example of what can happen 
to your altcoins in just a few short months   i mean from august to basically december at the 
end of december price still nuked down let's look 88 percent top to bottom so and it was just a few 
months and what's very important to also realize   is that bitcoin is pumping during this time so 
generally speaking you'll see all usd pairs go   up when bitcoin goes up but this is not the case 
here bitcoin really pulled back hard i'm sorry was   pumping very hard and this many all coins really 
pulled back hard so the two had a very big inverse   relationship which is why the btc pair really died 
as well but the usd pair still looks really good i   mean you saw a big downtrend you saw this ranging 
consolidation period from november to january   where price just ping-ponged between these two 
levels not a ton of movement but your first   good indication that this is getting ready to 
move is this big uh buy candle uh for volume   on the daily generally speaking when you 
see something like this it's very bullish   price moved up but it didn't really you know it 
didn't really have this massive like 50 or i'm   sorry i didn't have a 100 candle or whatever 
but this candle took out a lot of the sellers   at this top part of the range around 120.

So 
when you see a big buy candle like this it's   usually a pretty good bet that there's going to 
be some follow-up not always of course it could   be a bearish re-test but i think that this was a 
pretty good indicator in general in late january   what did we see price go up from uh basically 
a dollar 20 to almost four heavy pullback in   march and we saw this big uh ranging price action 
overall and my suspicion let's take a look here so there wasn't a whole lot of volume overall 
like there wasn't much trading activity between   this 430 and two dollar area so as i said 
before like oh there is some resistance around   you know three bucks or so but usually you'll see 
price want to fill these areas out and that's kind   of what happened overall was price filled out 
this area with more trading activity you can see   a still bullish market structure with higher highs 
and higher lows there were some steep pullbacks so this was kind of a scary one 
to trade with leverage but   the market structure is still intact where 
they're making higher highs and higher lows i personally bought more of this coin around 
uh where did i buy it i think i bought it   at 413 or so i didn't get the the 
bottom but when you certain trade   you don't have to nail the bottom either it 
kind of depends on your trading style but   overall this still looks extremely bullish 
i mean you can't you can't argue that   uh this initial swing high at five dollars 
proved to be resistance on the first go which is   fairly normal coins generally have a hard time 
getting through on the first go especially when   you see price action like this where you see 
big big big um inefficient moves on both ends   meaning big pumps are big dumps you'll 
see the opposite usually happen where   price will explode up and then kind of pull 
back to fill out that area or conversely you'll   see price dump and then you'll see price kind of 
grind back up and and fill out the the price voids   that's kind of what happened here we 
see price go up to a significant level   uh five dollars and then pull back big but overall this still looks really healthy to 
me uh i still am bullish on sxp i wouldn't be   surprised if five dollars was resistance once 
again uh you know something like pullback to um   i don't know like like mid-fours 
or something like that and then   go up again in terms of the targets 
again i don't really want to say what my   overall target would be because i honestly have no 
idea you could try to figure out this entire range   and that might give you something uh in terms of a 
target let's look to see what this fib looks like   uh here we go so if you fill out the entire range 
uh 620 would be like the next level up if if   five bucks can get cleared uh and i mean this 
fib will probably work out in my opinion like   in my experience this usually is is pretty good 
when you see something like go big at first and   then pull back and you feel the entire range 
it's it's good because you can actually see when   you fit the entire range you'll see some uh stuff 
like these levels are actually just like sr levels   you know like this this ended up being like 
these are all significant sr levels right so uh that means to me that these fibs are pretty 
good when they are in confluence with sr levels   and you can see price bounce right off this 786 
fib so i think that this would be my target and in   order to do this you just do a fib at fib and then 
just keep the extensions though the one two seven   uh one point four one four and so on so these are 
my targets for sxp i'm bullish on this coin still   uh and if this be sxp btc pairs 
continues up uh definitely definitely um   use the btc pair for your targets in my opinion 
because the sxp usd pair right here you can   see it's it's in price discovery or near price 
discovery this is almost certainly going to break   past five so it's hard to actually tell where 
your targets will be if you don't use the fib   extensions but they are easier to use when you 
use the btc pair so for instance if you see price   grinding up towards this 10 000 satoshi's area 
then you can start to take profits because you'll   assume that this area will be resistance now it 
depends on how price gets there of course but   uh yeah just uh keep an eye on the sxp btc 
chart and go from there anyways i hope you   guys enjoyed this video i appreciate any 
likes and subscribes thank you so much

You May Also Like