Cyborg009

Update for Tezos trendline analysis

COINBASE:XTZUSD   XTZ/USD
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update for tezos, tezos trend anaysis. we are now trading in a falling wedge price trendline which is bullish . but if tezos could pump up above 0.5 resistance(the upper golden line) after this dip, . it will form an inverse head and shoulder pattern for short-term to test the upper trendline. please leave your comment and advice. this TA is provide by novice for study purpose, not applicable for price action.
Comment: so far so good, althought the inverse head and shoulder didnt play out. the falling wedge seems to be able to hold some support.

Comments

Haha I feel you man, I agree it's a bullish reversal pattern but man this quick 20% sell off is something to witness and it's never clear when the selloff actually finishes on XTZ, as if there's no buyer whatsoever. Maybe you can point out it's a descending broadening wedge :) btw although this big inverse H&S did not play out, there is a smaller one playing out on 5min chart after further draw down.
+1 Reply
@AryaxS, i know bro, too bad the inverse H&S didnt play out. if this descending wedge is broken. i will be very bearish.
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