XTZ is forming a broadening wedge, this is a bearish pattern.
The green scenario is the bullish one. Here we would first test the upwards resistance of the wedge before coming down. Shorts can be placed in the red shaded area.
The red scenario is the more bearish scenario. Here we would find resistance from the 34EMA. To trade this scenario, I would wait to short before breaking the upwards support of the wedge.
Targets for both scenarios are the green dotted lines first (0.618 and 0.718 fib). After breaking these support points; the next support is the green shaded area.
The green scenario is the bullish one. Here we would first test the upwards resistance of the wedge before coming down. Shorts can be placed in the red shaded area.
The red scenario is the more bearish scenario. Here we would find resistance from the 34EMA. To trade this scenario, I would wait to short before breaking the upwards support of the wedge.
Targets for both scenarios are the green dotted lines first (0.618 and 0.718 fib). After breaking these support points; the next support is the green shaded area.
Comment:
First targets reached. If we break this green dotted line, we are heading to the green support box