As bullish as I am for Tezos in the next 6 months, it appears we are settign up for a pullback here. Tezo's is currently bouncing off the all time highs that were made previously and is coming off those pretty hard. If we continue to "round out" this top area, we could geta substantial pullback. Tezo's keep buying up any pullbacks, but this time around the price action has been different, the last buy back didn't hold and created a new low. While that happened once in late november, we haven't seen the rebound that we usually get. This along with topping RSI that has a divergence along with a MACD that appears it could very possibly roll over, lead me to believe that we are going to get a pullback here in Tezos. The question will be, how far will it pull back? ChainLink topped out and has done almost 100% retrace from our position, down to our buy of $1.83.
We should at least get a minor pullback to this $1.50 trendline if we break $1.60. This is probably the most crucial aspect, if we don't break $1.60 and hold we could continue to move up. however, if we break $1.60, then break $1.50 we could fall much further, especially if the rest of crypto starts bleeding.
On the flip side, what if the rest of crypto starts running? Does tezos pull back anyways because it has acted counter-cyclical to everything else and people will pull profits from tezos and move it into other cryptos?
Hmmm... The practical side says, we booked a ton of profit and it's time to not be a pig and take profit. Which I am going to do. Of course, the greedy side says hold because brokers are buying it up to stake it and need to create a base. I am going to go with my practical side for this one. Wait for RSI and MACD to play out.
Cheers,
-Sherem
We should at least get a minor pullback to this $1.50 trendline if we break $1.60. This is probably the most crucial aspect, if we don't break $1.60 and hold we could continue to move up. however, if we break $1.60, then break $1.50 we could fall much further, especially if the rest of crypto starts bleeding.
On the flip side, what if the rest of crypto starts running? Does tezos pull back anyways because it has acted counter-cyclical to everything else and people will pull profits from tezos and move it into other cryptos?
Hmmm... The practical side says, we booked a ton of profit and it's time to not be a pig and take profit. Which I am going to do. Of course, the greedy side says hold because brokers are buying it up to stake it and need to create a base. I am going to go with my practical side for this one. Wait for RSI and MACD to play out.
Cheers,
-Sherem
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Depending on what happens here we could see $1. be wary.
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update:
