Tezos is in a clear bullish momentum. In my last analysis I drew this ascending channel, and it had a downward breakout, but it found support at the triangle’s base again. If you missed my last XTZ analysis, the link to it is below, as usual.
Now, it seems we’ll have an upward breakout from this triangle. I also said in my last analysis that this is the most desirable scenario, because of its risk/reward relationship, and now we just need a confirmation. Let’s see the daily chart:
The confirmation we need will come when the price closes above the triangle/pennant, and if the price does tomorrow a higher high than today’s candle, it will be perfect. This pattern may be what the bulls need to defeat the “new resistance zone” and seek the $ 3.32 again.
The bulls are gaining the upper hand here, the only thing that bugs me is the low volume. But in the end, Tezos is more bullish than bearish.
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. *
Now, it seems we’ll have an upward breakout from this triangle. I also said in my last analysis that this is the most desirable scenario, because of its risk/reward relationship, and now we just need a confirmation. Let’s see the daily chart:
The confirmation we need will come when the price closes above the triangle/pennant, and if the price does tomorrow a higher high than today’s candle, it will be perfect. This pattern may be what the bulls need to defeat the “new resistance zone” and seek the $ 3.32 again.
The bulls are gaining the upper hand here, the only thing that bugs me is the low volume. But in the end, Tezos is more bullish than bearish.
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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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
