XTZ has corrected exactly to the point of my previous call. Lucky for us, XTZ seemes to have a thing for Fibonacci.
As you can see, $1.59 (0.236fib) has been touched 6 times in the last couple weeks. The first three times showed powerful resistance, but on Dec 19th, XTZ was able to break through and peak at $1.85. During XTZ's cool-off, it has found mild/weak support at $1.59.
I think it's an appropriate risk:reward to place a long at $1.59-1.65 with a tight stop loss just below the 0.236 fib. Stop=$1.55-1.57.
If stopped out, look to close short near $1.43-1.45 (0.382 fib). - You can see that 0.382 is also a "resistance turned support" point.
As you can see, $1.59 (0.236fib) has been touched 6 times in the last couple weeks. The first three times showed powerful resistance, but on Dec 19th, XTZ was able to break through and peak at $1.85. During XTZ's cool-off, it has found mild/weak support at $1.59.
I think it's an appropriate risk:reward to place a long at $1.59-1.65 with a tight stop loss just below the 0.236 fib. Stop=$1.55-1.57.
If stopped out, look to close short near $1.43-1.45 (0.382 fib). - You can see that 0.382 is also a "resistance turned support" point.
