XTZ.usd Approaching Crucial Support Zones: Tezos Pump-n-Dump

Tezos flew fast and furious when Binance and CoinBase added it.
As usual it is now retracing most of the fomo bought parabola.
Due for a bounce soon, which will determine its strength if any.

$ 1.2152-2237 is first support, not expected to be strong.
$ 1.1756-1877 is a bit stronger, but not expected to end waves.
$1.1278-1155 would the IDEAL bounce, preferably with a sharp PING.

$ 1.0179-0334 would a risky long, but should get a good bounce.
$ 0.9203-9578 could be accumulation zone if it lingers within.
$ 0.8225-8597 is Bulls Last Stand before complete collapse.

Previous Tezos Analysis (click):
Golden Grown First Spotted (beautiful proportions)
$1.85 Take Profit zone (hit exactly, must see)
$1.65 Retrace Target (off a little)
$1.35 Bounce Plot (fizzled out)


I plot lots of coins, as well as Forex and some Stocks.
Please take a look at my TV Profile Page.

.

Comment:

Ping

Nice clean Ping from the "Minor Support" zone:

.

Zoom IN to show the exact contact and small bounce

Bounce is NOT impressive yet, but WHERE it bounced is the key.
Not all Pings start a reversal, but most reversals start with a Ping.

Lets see how this proceeds from here.
=============================================================================

Comment:

Do we have Ignition?

Well at least a temper tantrum of a bounce?
Since last update we have seen higher lows and higher highs:

.

Speaking of that Ping, here is why it is worth paying attention to Pings:

Nice gains for an easy, low risk trade.
- Take entry when Ping happens, set Stop Loss just on the other side of the fib/zone.
- Either leave Stop Loss there for entire trade, or better yet, trail it on fib behind price.

.

Zoom back out to figure out whats going on, and added a new Fib (blue) to the last leg down

It was bugging me that the red fib (already on chart) was not really in control any more.
So I went looking for a missed impulse and there it was, the last peak.

.

Zoom IN (5min) to look at the bounce:

There was a violent whipsaw move, then perhaps an Impulse.
Or maybe the last "whip" of the whipsaw that acted like an impulse?
This could be VERY interesting!
One can imagine an actual whip:
couple of back and forth swings and SMACK: the end goes flying at very high speed.

Not that we are seeing any "high speed" flying by this...

.

Zoom OUT (1h) with that fib of the bounce in context with the rest:

Two zones stand out as likely resistances.
First one at 1.43/44 is kinda fat, but am hoping for a clear reaction at ONE of the THREE fibs that make that zone.
The second one at 1.48/49 is more precise, and about the MAX I expect of this wave.

.

In SUMMARY:
- XTZ finally catching a bid after the majors and Link bounced.
- Bounce so far is showing some signs of a Fib Rhythm, the first requirement for a sustainable wave.
- We have to zones to observe. The price reaction at those fibs will hopefully provide more clues.

=============================================================================

Comment:

Dead Cat Bounce?

Original Scale:

Our little bounce might be petering out :(

.

Zoom IN (15 min)

the Green Fib from original plot looks to be in control.
Many Pings on the 3.618 (usually a strong fib) and now trying to bounce on the 3.236 (usually NOT strong).

.

Zoom OUT (1 hr)

the Purple Fib of the wave down also wants control.
Purple 3.618 is clearly relevant and it is in close confluence to our green 3.236

So using those two fibs, we have a new zone of interest

If we go below, it will act as resistance.
Bulls need to bounce it here, because it is the best support we have for some distance.

.

Zoom OUT (4 hr original)

Now we have the new zone in place, and worth observing closely.
We could bounce here, although it seems unlikely.

.

SUMMARY:
- Bounce looks to have been a Dead Cat reaction.
- Bull can prove that wrong by holding 1.27/28.
- All in all I am expecting to test the next supports below

=============================================================================

Comment:

We have Ignition!

Finally, a launch attempt

.

Zoom IN (34 min) and in reference to the "Whipsaw" spotted in last update above:

Looks like we had a second such Whipsaw (yellow circles)

.

Zoom in MORE (1 min) and adding a Fib to the Bounce

Pretty much textbook stuff here.
5.236 end of wave, 3.618 retrace on first leg down, probably 2.618 next leg down.

.

SUMMARY
- as usual, assets take off AFTER one has lost hope.
- the Whipsaws seemed effective in causing a vibration that carried through.
- Surge today was a textbook 5.236 wave, now waiting for retrace to develop.


=============================================================================

Comment:

Update on Fibs and Zones.

XTZ playing this fib pretty tight,

nice launch off the 10.236.

.

Those are "pulse" fibs, as in just an increment marker, or like the "inch" marks on a ruler,

only this one was calibrated to this wave of this asset.

.

using a "Pulse" fib in conjunction with other "Wave" fibs , I can fine tune the zones of interest

.

adding the local "wave" fib in blue, further fine tuning of red zone up top

ofc that is obvious resistance from previous high, but in reality, the previous high was because of the fibs IMO.
so now I have a very precisely defined heads up zone, and a Ping there would be very important

.

SUMMARY:
- the wave up might be nearing an end.
- the existing resistance zone at previous highs has now been reinforced a bit.
- Possible Double Top inbound, or break above should FLY!

=============================================================================