Xtz/Eur Heading into monthly Higher Low

KRAKEN:XTZEUR   Tezos / Euro

Tezos is heading into the zone where it will most likekely form his monthly Higher Low; leading to monthly consolidation.

  • On the medium/short term, the presence of a falling wedge (pink on the graph), suggest a bullish reversal in the zone between key support of 0.9000 and 0.7770, thus forming a monthly Higher Low.
  • Target for the next monthly Lower High in the red zone, level will depend on how much time it got here, and how much "Oomph" the reversal get

On the fundamental analysis level, lot of thing going for Tezos here in september, with couple of events/Hackaton,
* meeting in sillicon valley,
* the next amendement of the blockchain will finish testing in 20 days and most likely become online
* THERE WILL BE AN AIRDROP of a new DUN token on the 16 September, for all holder of XTZ Token at this moment, so maybe expect a small spike at this point.*
* TQuorum Global Summit on the 29 September, will be a huge event in New York.

Trade active: I was expecting a retest of 0.9000 area but as volatility was slowing down i scaled some position from 0.9130, previous short term support. 4h timeframe seems to have finish its downtrend, however, bull volume is still low in my opinion, i will scale out some position on the test of the falling wedge upper trendline and see how it react to it.

Stop set below 0.9000
Comment: We've got a big spike in price this morning, provoked by someone buying approximately 50k XTZ, that closed half of my position for a 2% profit.

Not sure if it count as a rejection from the upper trendline of the falling wedge, however, it triggered a lot of sell limit orders up to 0.9777 that could potentially make it easier for XTZ to go up if the move keep going on.

This order obviously doesn't appear on XTZ/USD chart, but some of the other altcoins, like QTUM/EUR, had the same spike at approximately the same time.

Some money is flowing to altcoins as BTC.D is facing resistance, and it may lead to further move up, we'll see where it leads :)
Comment: Move to the upside is continuing, outside of the trendline.
It has to break 0.9934 to clearly show a change in the trend
Comment: After a fakeout and a little scare for me, the price did retest and broke 0.9000 to find support only at 0.8800, near blue the symmetrical triangle.

I believe that 0.8800 was the Monthly Higher Low, and that Tezos will seek it's Lower High right now.

Next big resistance, 0.9447 then 0.9934
Comment: Seems to be a 4 hour bull flag forming as price get support from 10/20 EMA.
I expect at least a retest of 1.000 psychological resistance. If it fail to cross it will be a double top and a move downward