CND swing trade
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CND. Been posting about this one in Discord periodically. The accumulation on this has not gone unnoticed. Have seen almost no one talking about it, so it is an under the radar coin which can translate to a buying advantage.
The USD value dropped significantly when bitcoin fell in November, but the BTC value has created a range with heavy accumulation and a 2/3-3/4 buying to selling ratio (VPVR).
I do not think these repeated volume spikes are accidental. Especially considering the visible range profile over the past 6 months.
I am treating the 240-330 range as an accumulation range, but there are a few options for entry into this trade. This is a swing trade.
A break of 240 would be a quick exit signal, with reentry only after that level was reclaimed on a daily close, or a bottom signal became obvious.
Another option for entry into this trade is to wait for the top of the range to be tested and buy the breakout (white horizontal) or retest of breakout, if one occurs.
All strategies on this one require patience and watching this coin for the next few weeks to months. I doubt the breakout for this coin is imminent. It is more likely that we bleed back down slowly after this latest large buy event, as we have in the past.
If lower levels are not retested to fill more buys, I will be buying the breakout above 426. Breakout is invalid on a daily close below that level or strong rejection after breakout as we have seen on the last two attempts to breach that level.
Volume is confirming this move, and the OBV actually shows increasing buy volume over the entire range for the current move up.
Daily candle is a 22% range, as of posting.
Price has climbed 40% from lows 3 days ago.
The USD value dropped significantly when bitcoin fell in November, but the BTC value has created a range with heavy accumulation and a 2/3-3/4 buying to selling ratio (VPVR).
I do not think these repeated volume spikes are accidental. Especially considering the visible range profile over the past 6 months.
I am treating the 240-330 range as an accumulation range, but there are a few options for entry into this trade. This is a swing trade.
A break of 240 would be a quick exit signal, with reentry only after that level was reclaimed on a daily close, or a bottom signal became obvious.
Another option for entry into this trade is to wait for the top of the range to be tested and buy the breakout (white horizontal) or retest of breakout, if one occurs.
All strategies on this one require patience and watching this coin for the next few weeks to months. I doubt the breakout for this coin is imminent. It is more likely that we bleed back down slowly after this latest large buy event, as we have in the past.
If lower levels are not retested to fill more buys, I will be buying the breakout above 426. Breakout is invalid on a daily close below that level or strong rejection after breakout as we have seen on the last two attempts to breach that level.
Volume is confirming this move, and the OBV actually shows increasing buy volume over the entire range for the current move up.
Daily candle is a 22% range, as of posting.
Price has climbed 40% from lows 3 days ago.
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