XTZUSDT Keeps convergence and time for entry!/Trading Strategy
XTZUSDT
1H trend chart
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A strong support zone was formed from long-term neckline, and it really seems effective for price while falling.
Moreover, a downtrend line keeps price converging and gradually forms a triangle.
Now, direction is still unknown, but if the upper downtrend line can be broken out, trading strategy as below.
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Profit Targets:
a) 9.166----Fib(1)
b) 10.048~10.405----Fib(1.272~1.382)
c) 12.409-----Fib(2)
Stop losses:
a) 7.152----Red horizontal ray
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Also, the upper downtrend line of this presumable triangle hasn't been broken out,
so there is no timing to open position.
Let's wait for another pattern and chance.
Have a good day.