Going to be quick here. I really like this Tezos Market structure we have going on here. iH&S. broken trendline and the rest of the market is holding. Re entering for basically what I bought in for.
Cheers,
-Sherem
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I love it when a trade goes your direction so quickly. Boom!
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Tezos is getting tricky. While our re-entry is still up 20 cents. What's even better is our original entry of $1.35 is up even more. So not a lot to worry about really, we just want to make sure we aren't missing a large move up.
If you look at the XTZUSD chart we can see that even if we break this local $3.5 support we could very easily find support at this $3.30 area and resume our move up.
The best case for a Tezos move up is the XTZBTC cross IMO. Yes, I know this is a hit-btc chart but it has the best data for resistance zone's because it has the most history. We already broke it and are heading up. what's really between this and the next major overhead resistance? Not much. This is mainly why I am inclined to hold right now.
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Moment of truth here, we need to find support at this $3.3 area for a move back to the upside.
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Just so everyone understands my mindset with Tezos right now: a quick update with the spikes down. We rode all the way up from $1.35 and have a LOT of profit right now. I am fine giving up a small amount of profit to ensure that I am either correct in dumping or waiting to not miss the parabolic move. I am not trying to pinpoint tops and bottoms right now. Even though our re-entry was quickly up almost 50 cents it came down from there and we are STIL currently up 144%. and STILL at our breakeven price more or less with our re-entry. Whether we are up 144%, 130% or even 120. We made a lot of money. I am fine risking some of that percent if Tezzies starts running on Monday after the weekly close. Which is still very possible.
Trade closed manually
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Closing out my re-entry and I am going to sit on the sidelines now. While re-entry trade went quickly in our direction it didn't pan out and after the last day we can see there is weakness in the market entirely and it's possible we get a much larger pullback. It's at $3.17 now, it might claw back to $3.3 for a true break even. Whether you hang on to it now is up to you!
You can see from this chart that we have a clear break on the daily trendline and a MACD sloping down. It doesn't bode well.
@nicsal, Ok Ok, while I am targetting $10, really looking to see what the XTZ/BTC cross does when we hit .0006
nicsal
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Is this dump concerning ?
nicsal
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Trying not to shit myself here
nicsal
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H and s on the 15 minute now ?
Sherem
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@nicsal, haha, don't shit yourself. We are in good position since we entered at $1.35. Did you see my update?
nicsal
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@Sherem seen update thanks mate looking good now, got a little overextended so hopefully we can break this $4 mark
theredbaronZ
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If it tanks I'll buy more and lower my average cost. I still think it is going to go up - but when is the question.
without_worries
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Now you have trend reversal with bearish divergence between price action & RSI. Confirmation by today's bearish engulfing candle. $3 support might be seen at the 21-day MA, but if not then it's free fall to $1.75.