XTZUSD is forming a pretty clear Head and Shoulders pattern on the weekly timeframe. As much as I'm hoping it does not confirm this pattern (we still have 6 days left in the candle), I'm not super confident it will break out. The one fundamental that I think could push it out of the right shoulder is their planned bridge to DeFi, and the bringing of around 20 ERC-20 tokens to the blockchain. That could drive a significant price increase, but I'm not sure when that is planned for release or if it will get the attention it deserves.
If we can't close above the 3.40-3.50 range I could very much see a retrace back to the 1.80-2.00 level.
Keep an eye on this one.
Comment
⋅
Currently breaking upward out of the right shoulder. Let's hope this invalidates!
Comment
⋅
Invalidated pattern so far as we are above the head at 4.70.
Yeah if the market totally decides that the incoming DEFI tokens to TEZOS mean nothing, and if you ignore the social activity that's skyrocketed on tezos in this past month, and if you ignore the greyscale news, and if you ignore EDO coming on the 17th. FA plays a roll too you can't just look at a chart.
cjkoepke
⋅
@TezosGang2021, It's like no one read my comment. This is a "technical analysis" post, which means TECHNICALLY we are at RISK of having a reversal. No one needs to get all offended about it — it could easily be invalidated by continued upwards pressure, and me saying there's a potential short opportunity doesn't mean that I have a thing against Tezos.
I think Tezos has fantastic long-term growth potential, but it's performance lately compared to the rest of the market can't be ignored either.
CringeCrypto
⋅
i thought this too long time ago look at my charts but then the market is bullish asf and tezos have not moved yet... think about that sh*t.
10$ tezos will be ez
cjkoepke
⋅
@mohmoa91 yeah there’s definitely reason to hold out on this one. But to your comment, the whole market is bullish, so it’s hard to miss out no matter what your position.
cjkoepke
⋅
Looks like it might move this morning so H&S could be invalidated soon.
cyberalchemy
⋅
Unfortunately, I'm starting to think this is the most likely scenario. I expected an ATH this week instead, but after prices were fairly flat this last week I have my doubts.
chiko4
⋅
:3
cjkoepke
⋅
@chiko4, That's a pretty unhelpful comment, don't ya think?