A very nice bullish setup has been spotted on XTZUSD pair. This pair has been trading in upward wedge and has recently brokeout of its wedge. Now its Retesting the wedge. The possibility of going higher for a 15 dollar target is higher but at the same time on the weekly chart, we have spotted bearish divergence as well which can bring the prices downward.
My bias is still to the upside because a solid Higher lows and higher highs have been maintained by this pair and we are acticipating one final higher low before prices head north.
This pair is above the ichimoku cloud on weekly suggesting a weekly uptrend.
The entry can be triggered on confirmation if someone likes confirmation buys as it eliminates the odds of stucking in the pair with bearish divergence. But next week can suggest the entry if retest holds or a solid bullish pinbar or bullish engulfing would trigger the entry.
The setup looks amazing. the project seems undervalued as it didnt get much attention in the past 3 months.
Do your own research.
Best of luck
Take care
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As you have seen in my post, the entry was next week. And if you guys have not taken the entry yet congrats. The market came down from weekly trend support but a closure above this trendline would be very significant otherwise wait for the momentum to bulid again.
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unfortunately bearish divergance came into play and market retraced
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The market has touched the trend line which is a resistance now if market close above this trend linethis week then its a confirmed uptrend otherwise market will come down