Cyborg009

Tezos trendline analysis

Short
COINBASE:XTZUSD   XTZ/USD
771 views
8
Tezos broke the 4 hour support trendline. a pull back is expected. anyone watching this chart please kindly correct my idea.
Comment: it appears that tezos brokeout the falling wedge trendline to the upside. and didnt continue to drop toward the price target, instead trying to test the lower white trendline which was the previeous support. again feel free to share some your thought, as im just a novice in learning. your advice will be hightly appreciated
Comment: tezos failed while trying to test the previous support trendline. and is currently strunggling to hold the 0.5 fibonaci support, if tezos failed to hold this support. a price pull back is expected. although im not able to spot the exact target price, please do not follow this TA because i post this on purpose for my own study. i would love to hear some of your thought.
Comment: it seems like tezos cant survive long enough in the risingwedge trend, and starting to retest on 0.618 support. if this support is broken tezos will likely fall further below my previous target.
Trade closed: target reached: tezos just reach my exact price target. but how it reach that target was not as i expected. because i cant imagine how it will go up to retest the rising wedge trendline and fall to my exact price target.
Comment: it looks like my exact target is not the bottom, that means that this TA is lost, as tezos didnt stop the dumping and triggered my stoploss . but the the candle with a long wick show sign of strong buying pressure. i need to learn more other indicator to help me find more accurate target.

Comments

Watch and learn! The market is always right!
+2 Reply
Although the price went opposite the idea was good!
Thanks for sharing!
+1 Reply