This one has been selling off for 52 days and the volume has been dropping for 72 days.
It hit the 2:1 extension from the corrective structure.
It's also at the .618 support from which it has seen no reaction at all so far.
I wouldn't be surprised if this one would take out all the stops at around 4.45 before reversing up.
The market structure is still bearish. Next support below 4.45 is around 4.
I would like to see either a trend change or a long wick that takes the liquidity near that 4.45 level.
I would preset orders with this one.
Let's see how it develops in the coming weeks.
It hit the 2:1 extension from the corrective structure.
It's also at the .618 support from which it has seen no reaction at all so far.
I wouldn't be surprised if this one would take out all the stops at around 4.45 before reversing up.
The market structure is still bearish. Next support below 4.45 is around 4.
I would like to see either a trend change or a long wick that takes the liquidity near that 4.45 level.
I would preset orders with this one.
Let's see how it develops in the coming weeks.
Comment:
Entry target reached, most of the stops are triggered and now there is a high probability that it's ready to make it's move up
Comment:
I was too early with the entry, that did go pretty perfect until the whole market got surprised by the massive liquidations.
XTZ has made a strong rally and I would buy pullbacks at this point.
XTZ has made a strong rally and I would buy pullbacks at this point.