Hi Traders/Investors, happy post election! I know the result isn't in yet and market isn't exactly stabilized for alts. For crypto I am pretty much only focused on Tezos, both in FA and TA, and I'd like to call for your attention at this time. Yes this is another long call. Now you may ask, But there is so much weakness! Volume also isn't in yet! Very true, but I have reasons for this. First if you will, check out my ideas in September, for both XTZ/USD pair and XTZ/BTC pair.
Since then I have been closely monitoring the price action without further analysis because, well most I need to say has been said. I did make a wrong call expecting a minor relief rally but of course I know even then it would be a very minor thing and correction isn't over. This time though, I believe is a very enticing opportunity to go long. Both the XTZ/USD pair and XTZ/BTC have been hitting my range low target range and most importantly, SIMULTANEOUSLY. If you are a trader you know everyone can be right at some point of time but calling two pairs right at the same time is very difficult, so this adds to my own confidence. Those 2 posts took serious amount of time to make, and I'm not running any paid TA service so there's no motif other than sincere desire to share with you, Tezos enthusiasts. Please support my work! :)
Today, I reiterate my September position because 1) Those 2 pair long range prediction played out 2) Now the price is forming a falling wedge with momentum divergence. This is extremely important, as one key indicator to an ending trend is momentum divergence. My philosophy isn't to catch a perfect entry, rather I start by identifying a price range and I go in once the range is hit. So in short, it is OK time to go long for XTZ for both pairs though in reality the weakness may still persist for a bit, so if you are more cautious type of trader you can try to wait for 11350sats and ~1.72USD, but me personally I don't care for another 8-10% downside if I believe a trend change is around the corner.
Since then I have been closely monitoring the price action without further analysis because, well most I need to say has been said. I did make a wrong call expecting a minor relief rally but of course I know even then it would be a very minor thing and correction isn't over. This time though, I believe is a very enticing opportunity to go long. Both the XTZ/USD pair and XTZ/BTC have been hitting my range low target range and most importantly, SIMULTANEOUSLY. If you are a trader you know everyone can be right at some point of time but calling two pairs right at the same time is very difficult, so this adds to my own confidence. Those 2 posts took serious amount of time to make, and I'm not running any paid TA service so there's no motif other than sincere desire to share with you, Tezos enthusiasts. Please support my work! :)
Today, I reiterate my September position because 1) Those 2 pair long range prediction played out 2) Now the price is forming a falling wedge with momentum divergence. This is extremely important, as one key indicator to an ending trend is momentum divergence. My philosophy isn't to catch a perfect entry, rather I start by identifying a price range and I go in once the range is hit. So in short, it is OK time to go long for XTZ for both pairs though in reality the weakness may still persist for a bit, so if you are more cautious type of trader you can try to wait for 11350sats and ~1.72USD, but me personally I don't care for another 8-10% downside if I believe a trend change is around the corner.
Comment:
Thank you.
