TEZOS (XTZ) - Attempting to break a long draw down

I grabbed a small amount of XTZ last dip as it was approaching a zone of interest. It has subsequently seen a nice bounce which has broken from the declining trend marked on the chart. it is currently retesting this breakout and could be worth entry. This rebound is confluent with the 0.68 fib retrace and support zone marked. Note, the trend does not touch that many price points and an alternate trend is marked in the dotted line that is worth paying attention to.

For prudent traders, this is still structurally quite weak so look for entry once it regains the 0.5 and breaks this shallower trend - not a bad idea with the question mark around BTC and wider market right now too. Worth putting on watch list if you don't want to risk entry now. You can see this current rebound stopped at the 0.5, once we regain that 0.5 that will be confirmation for me that buyers have taken over

One for the watch list
XTZ buyers attempting to regain the 0.5 retrace. If we see a strong daily close above the red zone marked, I will be looking to open a swing trade on the retest of the 0.5 resistance area, with a profit target of $8, closing some profit at $6.8
XTZ buyers looking to close the Daily above key level. If it can hold above this zone in the coming 24Hrs I expect more bullish momentum (BTC pullback will likely invalidate)

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.