Tezzies. We have had an excellent run here lately and we're starting to cool off a bit after a substantial rally. It's no surprise we are getting a pull back after a major rally. If you didn't get out in that 2 hour window where tezo was above $2.11 basically just on coinbase, I would worry about it. You should be in a very good position getting in at my last $1.35 call as I did. Remember, we aren't trying to pinpoint tops or bottoms, we are trying to keep our emotions in check and make money. Maximizing returns in trading means not trying to be right, but rather being in position to make a profit whether thats a big profit or a small profit.
On to tezos. If you haven't read my analysis on XTZ/BTC, please do, its critical right now. We can see a direct correlation in upside movement to how xtz/btc moved. The base on the cross should correspond to the xtzusd $1.80 level and we should launch to $3. However we could also slowly linger back down to this $1.50 area that we have for support and form a very bullish formation. What we will need to do is watch this $1.80 level very carefully. If it appears it will break and that that xtz/btc isn't going up as it looks, we will want to sell and try to rebuy and protect our profits. However, if we could form a bull flag or just use the $1.80 level as support. From the looks of it, the next target will be around $3 unless something crazy happens and we launch even higher.
What of the head and shoulder you say good monocle sir? These patterns?
Well on Binance it appears as if we have even broken to the downside and coinbase looks like it's done forming. This is a good case for it to touch $1.80 and very tradeable. Since I am not terribly worried about missing 15 cents of downside, but more worried about missing a $1 of upside, I am going to watch and see what it does here and what happens at this $1.80 level if we get there.
Happy hodling!
On to tezos. If you haven't read my analysis on XTZ/BTC, please do, its critical right now. We can see a direct correlation in upside movement to how xtz/btc moved. The base on the cross should correspond to the xtzusd $1.80 level and we should launch to $3. However we could also slowly linger back down to this $1.50 area that we have for support and form a very bullish formation. What we will need to do is watch this $1.80 level very carefully. If it appears it will break and that that xtz/btc isn't going up as it looks, we will want to sell and try to rebuy and protect our profits. However, if we could form a bull flag or just use the $1.80 level as support. From the looks of it, the next target will be around $3 unless something crazy happens and we launch even higher.
What of the head and shoulder you say good monocle sir? These patterns?
Well on Binance it appears as if we have even broken to the downside and coinbase looks like it's done forming. This is a good case for it to touch $1.80 and very tradeable. Since I am not terribly worried about missing 15 cents of downside, but more worried about missing a $1 of upside, I am going to watch and see what it does here and what happens at this $1.80 level if we get there.
Happy hodling!
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And this is why we weren't selling.
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We can move the area we are monitoring closer to the $2 area. If we come back down before running up, we should find support here.
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WOOO. Printed $2.9!!
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I am not selling yet. Waiting to see what forms up. Read my XTZ/BTC chart for more details.
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Tezos is tricky right now. Bullish XTZ/BTC, but also possible we get a pullback from here. Hmmm....
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Watching this $2.50 area to see what we do here.
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We can revise the area we watch now to $3.20
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Even as I type, we are going into areas of concern here. Watch this $3.3-$3.4 area here. If the next move up is going to happen, we will find support here.
remember folks, we aren't trying to pinpoint tops and bottoms right now. We have TONS of gains from $1.35 and whatever price we sell at right now we will be in profit. At this point we want to NOT miss a parabolic continuation move
remember folks, we aren't trying to pinpoint tops and bottoms right now. We have TONS of gains from $1.35 and whatever price we sell at right now we will be in profit. At this point we want to NOT miss a parabolic continuation move
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Sloppy but looking like we are going to hold at the moment.
Trade closed manually:
Now, we are forming a more so Head and shoulders pattern. That's enough for me to book profit and wait to rebuy.
