SXPUSD - Consolidation & Expected Trend ContinuationThe recent correction in SXPUSD was part of a market wide event triggered by volatility in BTCUSDT . We have now been squeezed into a range bound consolidation.
Potential outcomes in the short term:
Remain range bound and essentially pegged to price action on BTCUSDT . Prevailing uptrend loses intensity, but not necessarily invalidated.
Maintain prevailing uptrend and breakout of consolidation zone. Retest of local high around 5.0 if trendline support is respected , otherwise establish new range at higher bounds.
Break below bottom of consolidation zone and break current market structure. New range established at lower bounds.
I have been accumulating at the bottom half of the range and selling in the top half. This is also, IMO, a good long term hold.
Long term trend for BTCUSDT is looking bullish as it recently broke out to the upside on a long timeframe wedge, and it is likely to bring alts along for the ride.
