These mini channels that form are usually continuation patterns. The price will fluctuate a little bit within them, maybe touch the bottom or top 3-4 times, before making a break for the up/down side. We like to see them because they continue the trend before it entered this pattern.
In our case, it's coming from a mini rally that started, and then slowly formed into a channel pattern. That means this pattern indicates a continuation of the bullish trend, and hopefully a few higher jumps in price.
All that aside, we have still have to work with our resistance/support zones at all times to see how far the price can move *up or down*.
The two orange lines I've drawn were previous support lines, and it seems to have formed a sort of support, it's not very concrete, but it's definitely using them as mini trendlines. If the price goes higher I think $2.25 is totally reasonable up to $2.4.
If the price goes lower, which sometimes it does, then around $2.04 is the support from the orange line #1.
Let's hope for the best. Our strategy at the moment is indicating a long, and it hasn't suggest a close yet. That strategy is working on momentum oscillators and some other funky stuff
A quick reminder, XTZ is great when Luna is doing bad. Remember my words.
I won't be posting XTZ updates for a bit, as the daily chart given below should cover most of it.
In our case, it's coming from a mini rally that started, and then slowly formed into a channel pattern. That means this pattern indicates a continuation of the bullish trend, and hopefully a few higher jumps in price.
All that aside, we have still have to work with our resistance/support zones at all times to see how far the price can move *up or down*.
The two orange lines I've drawn were previous support lines, and it seems to have formed a sort of support, it's not very concrete, but it's definitely using them as mini trendlines. If the price goes higher I think $2.25 is totally reasonable up to $2.4.
If the price goes lower, which sometimes it does, then around $2.04 is the support from the orange line #1.
Let's hope for the best. Our strategy at the moment is indicating a long, and it hasn't suggest a close yet. That strategy is working on momentum oscillators and some other funky stuff
A quick reminder, XTZ is great when Luna is doing bad. Remember my words.
I won't be posting XTZ updates for a bit, as the daily chart given below should cover most of it.
Trade active:
We hit the support, now is a good time to open a position
