SXP/USDT: WHY IT DUMPED AND HOW TO ACCUMULATE WITH THE WHALES
SXP has rallied 257% in 21 days.
Whales buy low, sell high. Retail traders buy high, sell low.
SXP/USDT pumped 30% in a single candle because of an announcement (the company has the green light to offer credit cards to Americans)
.... yet the price has retraced 100% back down again. Why? Because SXP/USDT was down trending and had bag holders that were happy to dump their coins for a slight profit (or slight loss)
And that's a good thing. Because the sell orders have been cleared, which means whales can accumulate for cheap. The whales will eventually pump the market, they always do.
What's the next move for SXP/USDT?
As I have mentioned earlier, whales buy low, sell high. Retail traders buy high, sell low.
Now that the retail sellers have sold their coins, it's time for whales to accumulate for cheap. Expect the price to bounce between horizontal support and resistance, as whales patiently accumulate gigantic bags of SXP token.
How long will they accumulate? Weeks, perhaps. When they're happy with their position, they'll aggressively market buy and drive the price up.
Could SXP/USDT go down even further?
Yes.
But we can look for clues that whales are accumulating, such as:
1. Big volume but small candles
2. Many hammer candles with decent volume
The name of the game is "accumulation and distribution". It's like Walmart buying slippers for $0.50 each and selling them to consumers for $15 a pair.
It's no different in the crypto "market", where whales buy low, sell high. And retail traders buy high, sell low.
What is the next move for you?
Observe the whales and copy them.
If they're accumulating, accumulate with them. If they're distributing ... then you should press the sell button and laugh all the way to the bank.
Do you want to get better at technical analysis? I "Volume Price Analysis" by Anna Coulling -- it's a solid book full of "aha!!" material.
Good luck with trading, my friend.
And remember: the crypto market is about accumulating and distribution. Which side are you on?
Talk to you later,
Brian Copy
Whales buy low, sell high. Retail traders buy high, sell low.
SXP/USDT pumped 30% in a single candle because of an announcement (the company has the green light to offer credit cards to Americans)
.... yet the price has retraced 100% back down again. Why? Because SXP/USDT was down trending and had bag holders that were happy to dump their coins for a slight profit (or slight loss)
And that's a good thing. Because the sell orders have been cleared, which means whales can accumulate for cheap. The whales will eventually pump the market, they always do.
What's the next move for SXP/USDT?
As I have mentioned earlier, whales buy low, sell high. Retail traders buy high, sell low.
Now that the retail sellers have sold their coins, it's time for whales to accumulate for cheap. Expect the price to bounce between horizontal support and resistance, as whales patiently accumulate gigantic bags of SXP token.
How long will they accumulate? Weeks, perhaps. When they're happy with their position, they'll aggressively market buy and drive the price up.
Could SXP/USDT go down even further?
Yes.
But we can look for clues that whales are accumulating, such as:
1. Big volume but small candles
2. Many hammer candles with decent volume
The name of the game is "accumulation and distribution". It's like Walmart buying slippers for $0.50 each and selling them to consumers for $15 a pair.
It's no different in the crypto "market", where whales buy low, sell high. And retail traders buy high, sell low.
What is the next move for you?
Observe the whales and copy them.
If they're accumulating, accumulate with them. If they're distributing ... then you should press the sell button and laugh all the way to the bank.
Do you want to get better at technical analysis? I "Volume Price Analysis" by Anna Coulling -- it's a solid book full of "aha!!" material.
Good luck with trading, my friend.
And remember: the crypto market is about accumulating and distribution. Which side are you on?
Talk to you later,
Brian Copy