Today’s trading spotlight deals with the cryptocurrency Curve Finance. Curve Finance has seen some big volume in the recent days, which led to an increase in price from the $0.40s to the mid $0.70s. It is still hovering in the $0.70s price area. In my opinion it still got some room to run, maybe even to the $1 area, where it was at the start of November. The image below shows Curve Finance on the daily chart, with some resistance lines. The lower one is based on a wick from October, where the price reversed. The upper one is based on a price point where movement changed directions.
Right now the price is around the lower line, which may act as resistance/turning point of price. I will wait for the cryptocurrency to take direction and join the trend. If it decides to go higher, I will go Long. If it fails, I will join the trend Short.
But right now it looks to me, as stated in the first section, that it might advance further. It is constantly making higher lows on the 1 hour chart, which in my eyes is a bullish sign that buyers are bidding higher. As long as it continues this I do not see a reason why it should stop. A lot of Shorts are most likely in this one coming from the quite big advance in this bear market. I was also Short this a few times, but got out, as it was not moving in the direction I predicted it to move. My timing was just off.
I hope this sheds some light on my trading on this cryptocurrency. Have a great weekend everybody.
This is not financial advice, it is for educational purposes only!
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