Today’s trading spotlight deals with the cryptocurrency SFP, which can be traded on ByBit or Binance. I do not actually know what the cryptocurrency is for, but it does not really matter to make a trading plan or execute on it. SFP has risen more than 100% in the last two days, which you can see on the daily chart below.
In red you can see a line, which was support all the way back at the start of this year. This is an important price line to keep in mind. On the hourly chart below you can see a red line, where the price stagnated a few hours back. This would give a good entry price at around $0.69 and to risk off of the current high of ~$0.75.
Of course for that plan to be applicable the cryptocurrency SFP needs to bounce back up first, as chasing is not an option and most times gets punished by the market.
Hope this helps to get an idea of the plan and helps with possible executions. You can take a look at my other article about $DYDX (https://medium.com/coinmonks/trading-spotlight-cryptocurrency-dydx-3526b5ae4c84), which worked out, as the crypto slumped from the $2.40s to the $2.10s.
Have a great day you all.
Niklas
This is not financial advice, it is for educational purposes only!
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