BINANCE:XTZBTC   Tezos / Bitcoin
XTZ/ BTC has been consolidating in this symmetrical triangle since February. If you're fundamentally bullish on this coin, and who isn't, you might be looking for buying opportunities.

Bitcoin looks like she's about to go running, which has made alts skittish. But such drops in alts, especially liquid ones, often play into the bigger picture even when they're triggered by external or random factors.

The March selloff, for example, gave Tezos a roughly 50% correction of the screaming upmove it had been making, taking it to rest right on previous resistance now turned support.

The move down yesterday took price into resistance-turned-support from over a year ago. This coincides with the 200-day Simple Moving Average . The "real" MAs on charts such as Huobi's with more history are in more or less the same place.

So could it bounce here? Possibly.
But stronger support, the 200-day Exponential Moving Average, and the lower triangle trendline, are a bit lower, and that's where I'm looking for a higher probability long.

Then hopefully a break of the upper triangle line, the resistance at the top of this range, and blue skies above.

Comments

well it has to turn by now or else it will drop another 10-15%.
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@wjpb, Indeed. I don't know if will in fact turn, but following my analysis I bought at 260
Reply
wjpb SimpleCryptoLife
@SimpleCryptoLife, well done. Now lets hope it will bounce of the fib level. Else we are in trouble ;-)
Reply
@wjpb, Yessir. Good luck to all the risk-takers!
+1 Reply