Two days ago, I shared an idea expressing my concerns about a possible formation on the COINBASE:XTZUSD Chart.
Since the right shoulder failed to breach the I identified in previous ideas, I see potential for a failure of the pattern. In order for this to fail, the price needs to break the top of the right shoulder, around $2.84.
If COINBASE:XTZUSD indeed manages to break through the $2.84 levels, the upwards trend has proven its strength. Moreover, I believe a rise in price to the upper limits of the channel will not be unlikely as a result of the breakout from below $2.84.
As of right now, I suggest holding your current stake. If you are a firm believer in the upwards trend, buying around $2.70 is not a bad idea, but keep your SL tight.
Important: I myself will not be trading this setup specifically. I already hold XTZ and do not plan on selling them unless the price fails to break $2.84 before the 13th of May, when $2.84 is the exact bottom of the upwards trend channel.
Best of luck, traders!
And I should have followed up on your super tight stop loss suggestion. It was a sunday, was at my mom’s, and I thought pffhss 2.43 I don’t see that really happening. Lol. It’s those spikes! Thanks!