You got to admit, if AMP was a hype coin, the community probably wouldn't be as diligent and savvy as we are now. And the price action would probably make me not even want to do TA's, there's no point with hype coins, because they all pump and dump. But that's not AMP. Fundamentally, they are penetrating one of the hardest markets to establish infrastructure for using crypto as a form of payment, the U.S. Now why would they go after the hardest market to penetrate? Two words, market size :) Let's hop into today's daily analysis.
Daily Chart: On the daily chart, we can see that we're still respecting the bull flag that we've been in for this entire week. We've been pulling back for 8 days so far. Rule of thumb for trading bull flags is the longer the pullback, the bigger the move to the upside. Currently, as I'm writing this post, we've moved up to the $0.062 level. This could be contributed to AMP listing on Flux Protocol today. It could also be contributed to Tyler Spalding (co-founder of Flexa) speaking at the Smart Contract Summit today. Or it could be contributed to Bitcoin's positive price action. All good things happening for AMP. Depending on how today's candle closes, we could see positive price action if we manage to put in a tweezer bottom.
4H Chart: On the 4H chart, we can see that we've been moving sideways still, and there is a bit of bull presence trying to get price action to stay above the $0.062 level. If we can hold above it for more than 24Hrs, that will let us know that we may have flipped that resistance into support finally.
Conclusion: Bitcoin definitely put in a Tweezer Bottom on it's daily chart yesterday, and today its breaking out of the bull flag it was in to see if it can push pass the 42K resistance. On it's 4H chart, we can see that we put in a double bottom, as well as an ascending triangle. 2 very bullish market structures. I expect it to push pass the 42K resistance as we move into next week's trading week, which would be good for the entire crypto market. Bitcoin Futures don't expire until Aug 27, so we have some time to get above resistance before we see Futures traders change or exit their positions.
But going back to my intro, talking about Flexa penetrating the US for crypto spending infrastructure. Why would they just be focused on the US? Well, maybe because the US has the largest consumer market in the world. Or maybe because the US has the biggest demand for consumer good and services. Either way, I think going after the hardest market to penetrate will pay off in the long run, just not right now. But who knows what Flexa has planned before the year is over. They always tend to surprise the community with announcement and deals that have been made. Never plans they have. And I think that's genius, because it keeps the hype down, which helps the community to manage expectations.
If you want to dive deeper into today's technicals, make sure you check it out on YouTube (uploading now) and subscribe.
If you didn't get a chance to catch me on The Podocast's live stream last night, here's a recap of it.
Until tomorrow, DTA is out!
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