I have been wrestling with what to do with XTZ and whether or not a re-entry is warranted at these levels. My initial thinking was that we would go down to $1.20 or $1. and I wanted to wait to see what XTZ would do once it hit those levels. We did indeed test the $1.2 area. Very quickly. Every time Tezos has looked to violently move down, even in the face of XTZ/BTC breaking down XTZ/USD has held up nicely. Tezos just hasn't broken down as it should have.
The daily chart is really telling here. I kept thinking tezos might form a larger head and shoulder and move to $1. And that's a concern if we can't break above the $1.50-$1.60 area. However, notice how we have based out a created an upwards sloping base at this 1.25 area? This is creating a diamond-like formation or almost a choppy inverse head and shoulders if you zoom in. If this is indeed the beginning of the next wave up. We will see XTZ hit $2-$2.30.
We have broken the downward trendline that has held prominent for a couple weeks. While the daily doji was concerning, we have actually closed and held above it. Look at that Daily MACD. While it hasn't crossed it, it seems poised to do so. that could be premature, but it's looking good. RSI also came off an almost oversold play. Tezos has also had one of the most solid user growth bases and so far has been continuing the trend upwards in that regard. Which indicates an increase in value over time in Tezos. All of these factors lead me to believe that we will continue to push up in Tezos and a re-entry is warranted. Of course, this is crypto, we never know what is going to happen, but so far it appears we will grind higher and go to at least the $1.50 area.
Happy trading and hodling, -Sherem
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Did you miss my last calls on Tezos? Here they are :
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If we zoom in here you can see where hitting this trendline and broken trendline from the diamond formation. If this area holds, we will move up from here.
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If you are concerned about this potential head and shoulders pattern, keep an eye on this neckline at that blue trendline/support line I drew. As long as this holds, we will be good for our move up.
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6/6. took a couple days but we are beginning to move.
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I really like pushing the play button right now on this.
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LOOK AT THESE TEZZIES. YEAH BUDDY
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Busting these highs!
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ARE YOU GUYS SEEING THIS?!?! $10 WITHIN 6 MONTHS
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Um. you're welcome. Tezzies. Still a lot of momentum here, no reason to sell yet.
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$2-$2.30 area reached. New update:
Trade closed manually
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per my other idea update. profit booked, closed at $3.29
Great call again. I know you said a mid term target around 2-2.30 I can also see this run in the short term going to 1.80 with a pull back then continuation but I figured if we get above $2 we will go parabolic ??
Sherem
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@nicsalmon, Possible. i won't be so quick to sell my tezzies like last time. Will have to see what forms up once we get in that area. Cause maybe we do go parabolic and hit $5 or $10? I think 10 is very possible this year
nicsal
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@Sherem, yeah unsure. Based on fibs could expect $2.30-$3 but now Tezos has been moved onto FTC exchange recently it could see an even bigger move (thinking alike matic or others that pumped after the addition to the exchange. Would be smart to book at $2.30 but as you say don’t want to get out too early. If you think this will run until May I might let mine ride a while
nicsal
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Ftx *^
Sherem
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@nicsalmon, Nic, it says your comment was removed right above this ftx comment. I can't see it
nicsal
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@Sherem, don’t know why that happened. Strange ... I said that based on fibs 2.30-3.00 is a good time to book profits but as you say don’t want to get out to early. Plus it’s recently been added to ftx exchange. It was chosen over some other good names and a lot of coins that have been added to ftx have gone on huge runs namely matic. I see this addition as very bullish and if you have a long term target of 5 to 10 $ I won’t be getting out too early
Sherem
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@nicsal, Can finally see your comment! Yay! and basically, i agree! Not to get out to early, but I am going to try to catch a spike if we see it hit $10 really quick.
Sherem
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@nicsal, I saw you commented on my thread but it's not showing up so I only see the first part of "don't know whay that happened. Strange... i said that base on fibs..." I put a ticket into support to get your comments unhidden, waiting on them.
theredbaronZ
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Update time! Do you think the H&S is failed and this is a higher low formation leading to a higher high? or too soon to tell?