CryptoBullGod

Tezos Looks Primed To Go Super Saiyan

Long
KRAKEN:XTZUSD   XTZ / USD
As shown on this 2-Day chart:

(1) We are in a classic falling wedge pattern

(2) We are at the 200-SMA price zone which served as an upside bounce zone in our prior move up (green circles)

I am fully expecting us to being to break from this falling wedge shortly. Could we see more down side? Yes. I was expecting ~$1.87 to hold and we hit $1.91. So we could still WICK a tad lower. Regardless, I'm not here to call the exact bottom, rather to share a logical time to scale into this massively under-priced crypto!

Our initial move should take us to $2.4 w/consolidation. However, my initial ultimate target in early 2021 takes us to $5.5 - $7.5. Keep in mind that's my INITIAL target. We will most certainly see prices much higher than that.

Don't forget what happened with Chainlink, a similarly market cap valued crypto a few months back. This thing has a low market cap, and so it will rise quick!
Comment:
Comment:
Clear break of falling wedge

Price consolidation w/bullish divergences show on price indicators: MACD, RSI

I am fully anticipating larger moves up over the coming weeks
Comment:
Positive Divergence on both the RSI and MACD: Primed for a break-out
Comment: I can finally post an update here!

While I am still extremely confident regarding that price action moving forward will be massive, the timing on this one was slower than I had anticipated. This is why I feel less confident commenting on timing vs pricing!

Anyway, I am finding it challenging making an educated guess regarding the next potential top. I did not use fib extensions (although I suppose I should consider using them). There isn't a ton of data for XTZ. I decided to simply average the prior 2 cycle bottom to top movements to estimate where we may head next. This shows something in the $8 range which is extremely reasonable given where I feel the whole market is going by EOY:

Comment:
It is basing, coiling up; patience is so critical in this space

You find a project/chart you like, you scale in at logical entries and as long as nothing changes concerning your investment thesis, you remain patient

Nothing has changed for me; i remain patient

I will be curious if this red line of resistance is blasted through or we have some initial battles prior to lift off
Twitter: @CryptoBullGod

Unique Value I add to this space:
https://youtu.be/YOa3NPEZuC0

Comments

More or less same targets I hold, though I don't see a "classic falling wedge" - it could be but I just don't think it's that representative. You can draw a parallel channel too and price was pretty much spirally down along the center line. Now the price action is showing bottom pattern so yes a reversal should be coming, somehow I don't see price head straight up back to all time high due to increased global market volatility and uncertainties around US election, but I won't mind that happening.
+3 Reply
wjpb AryaxS
@AryaxS, a gree; global financial markets are a bit shaky at the moment. Also due to a second covid wave
+2 Reply
ThanksGoodJob
+1 Reply
CryptoBullGod PolarHusk
@PolarHusk, thank you!
Reply
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