XTZUSD - VERY BULLISH FORMATION - ANOTHER UNDERVALUE GEM 17/3/21

XTZUSD

There is textbook trendline support clearly after the recent dump. Forming a very beautiful symmetrical triangle on daily.

Reasons to be bullish:
1) RSI is above 50 on daily
2) MACD flipped green on 4 hours TF and soon daily will flip green
3) Above 20MA daily and all MA
4) Forming a textbook symmetrical triangle and get support at the bullish trendline
5) Price exactly find support at 0.618 fib area at USD 3.12

Recommended entry : USD 3.8- USD 4.15 , if daily closed below USD 3.65, this analysis is invalidated. However, the price formation is very bullish, forming all the text book bullish scenario. Breaking the symmetrical triangle will bring XTZ to a higher levels.

Safer trade can be done is to wait for daily to close above the resistance trend line and enter at the resistance trend line (where it will flip at support).

Recommended Targets : USD 6.6 (1.382 fib) and USD 7.3 (1.618 fib)

Current price USD 4.1

Comment:

Breakout officially confirmed on daily TF, now we need USd 4.2-4.25 to become support.

Comment:

Price heading to target respecting the analysis!