Hello guys! Ok, so XTZ is trapped inside a congestion, and it seems it’s doing a triangle pattern, which is very interesting. But first, remember to follow me to keep in touch with my trades and analyses, I’m every day here, so I’m sure you’ll find something useful, and support this idea!
Triangles are good patterns to trade if we have an actual breakout (the price shouldn’t move sideways and spoil the figure), and if we look the context things get clearer. This triangle could be a kind of pennant pattern in the daily chart:
I did some updates here! First, I erased the blue trendline from my previous analyses because it makes no sense anymore, XTZ is simply ignoring it, so will I. If you missed my analysis, the link to it is below, as usual. If we have a downward breakout, the price will seek the “support zone” between the red line and the 38.2% fib retracement.
Second, between the $ 2.89 and $ 3.03 we find the “new resistance zone”, composed of three previous tops. If we see an upward breakout from this triangle it’s easy to imagine that XTZ will have the strength to surpass this zone and seek the pink resistance at $ 3.32. But we must see some reaction here! The volume is low, and we are still in the middle of a congestion, between supports and resistances that are quite strong.
In my view, an upward breakout would be ideal, because the risk/reward relationship is better.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Triangles are good patterns to trade if we have an actual breakout (the price shouldn’t move sideways and spoil the figure), and if we look the context things get clearer. This triangle could be a kind of pennant pattern in the daily chart:
I did some updates here! First, I erased the blue trendline from my previous analyses because it makes no sense anymore, XTZ is simply ignoring it, so will I. If you missed my analysis, the link to it is below, as usual. If we have a downward breakout, the price will seek the “support zone” between the red line and the 38.2% fib retracement.
Second, between the $ 2.89 and $ 3.03 we find the “new resistance zone”, composed of three previous tops. If we see an upward breakout from this triangle it’s easy to imagine that XTZ will have the strength to surpass this zone and seek the pink resistance at $ 3.32. But we must see some reaction here! The volume is low, and we are still in the middle of a congestion, between supports and resistances that are quite strong.
In my view, an upward breakout would be ideal, because the risk/reward relationship is better.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
