XTZ/USD has been in a tightening EQ pattern for weeks after a large bullish move forming a large Bull Flag. We can anticipate a break of this EQ pattern in a short to a medium-term timeframe.
One indication that leads me to believe this pattern will break to the upside is the current price action on the XTZ/BTC pair. This trading pair was recently in a similar EQ Bull Flag pattern that has broken out to the upside and is now setting higher highs on the 4-hour timeframe. This leads me to believe there is strength in the demand for XTZ relative to BTC and it's current bearish trend.
Ultimately, BTC is the king asset in the market. Any major sell-offs or price pumps will influence the entire Altcoin market - including XTZ.
Trading is a game of probabilities and positioning. Always be in a position to take advantage of any probabilistic outcome.
One indication that leads me to believe this pattern will break to the upside is the current price action on the XTZ/BTC pair. This trading pair was recently in a similar EQ Bull Flag pattern that has broken out to the upside and is now setting higher highs on the 4-hour timeframe. This leads me to believe there is strength in the demand for XTZ relative to BTC and it's current bearish trend.
Ultimately, BTC is the king asset in the market. Any major sell-offs or price pumps will influence the entire Altcoin market - including XTZ.
Trading is a game of probabilities and positioning. Always be in a position to take advantage of any probabilistic outcome.