doing a little update on XTZUSD on a 4H timeframe, since out last TA we were trading inside of the red pennant, we had a false breakout and a once again a drop that is keeping us in this sideways structure. Shown by the green horizontal lines we have been getting rejected and have bounced many times in this zone, going all the way back to the beginning of september we have been stuck in this sideways channel, the positive thing is that we are respecting it very well on the support side not slipping through the bottom, we are currently sitting near the bottom of the zone just having a bounce off of it and starting to move to the upside. Looking at our pivot points, price action just bounced off the S1 support level and our next target is definitely the blue pivot point, this level if broken above and held can trigger a reversal and pivot to the upside, we also have another pivot point we are looking at above the blue zone and capturing this level should definitely give XTZ that bullish boost we need to really start moving up. I also have a breakout zone drawn out that is going to be important to capture, it lines up with the secondary pivot point and is a decent ways above the green sideways channel we are currently stuck in, breaking above here and holding the box i have drawn out will give us big bullish momentum and is what we need to do to really get that upside boost, i should also point out that getting ahold of this area effectively breaks the current sideways structure and should lead to a breakout! Now looking at our wavetrend we are looking good here we had a bit of a double bottom in the buy zone and have since started to reverse to the upside, keep in mind this indicator is slow moving and doesn't usually make jagged or sharp moves, we usually see a smooth transition between bearish and bullish waves, i am expecting this to be the start of another bullish wave that could bring us well above that midline, we havent seen a really strong bullish wave since earlier this month and i am looking for something similar here coming soon!
