Ok, so XTZ reached the “resistance zone” and did a bearish pattern. As I said in my last analysis here, I’m not in XTZ, and would only buy it if it dropped back to some support, which could be the 21 ema, that blue trendline or any of these red lines on the chart (previous tops).
It’s still a bullish trend, but if you have some Tezos with you, be aware, because you may see a pullback. It would be a natural movement, and out attract more buyers (me for example), who didn’t catch this trade down there.
Today’s candle is a little uncomfortable for those who are long but remember the 6th tenet of Dow Theory: “Trends Persist Until a Clear Reversal Occurs”. If you are a more aggressive trader, you could investigate the hourly chart for more clues:
The price dropped and lost one support (red line), and now it’s struggling at another one (black line). I maintain what I said in my last analysis, and you can set you stop-gain in different ways, accordingly to your will.
You could’ve stopped when it lost the red line, or when it does a bear pivot in the 1h chart, or if tomorrow it loses today’s candle low, for example. It will be all accordingly to the technique and your psychological state.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
It’s still a bullish trend, but if you have some Tezos with you, be aware, because you may see a pullback. It would be a natural movement, and out attract more buyers (me for example), who didn’t catch this trade down there.
Today’s candle is a little uncomfortable for those who are long but remember the 6th tenet of Dow Theory: “Trends Persist Until a Clear Reversal Occurs”. If you are a more aggressive trader, you could investigate the hourly chart for more clues:
The price dropped and lost one support (red line), and now it’s struggling at another one (black line). I maintain what I said in my last analysis, and you can set you stop-gain in different ways, accordingly to your will.
You could’ve stopped when it lost the red line, or when it does a bear pivot in the 1h chart, or if tomorrow it loses today’s candle low, for example. It will be all accordingly to the technique and your psychological state.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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