XTZ/USD - Huge ascending channel, major resistance ahead!
Tezos has formed for some time a major ascending channel which indicated a bullish trend (higher lows and higher highs, see yellow arrows).
The indicators on this weekly timeframe are also quite bullish with MACD, volume and RSI looking great.
For this reason, I can see XTZ re-testing our major resistance or the top of our ascending channel. This is at least a nice +40% gains left.
Once there, time to be careful and secure profits, you don't want to hold at those levels.
The major recovery from our flash crash last week is also a sign of strength (see that massive green wick of +40%). Not bad. Hence, I expect continuation of this price action until we hit resistance. Then it's time to re-assess.
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The indicators on this weekly timeframe are also quite bullish with MACD, volume and RSI looking great.
For this reason, I can see XTZ re-testing our major resistance or the top of our ascending channel. This is at least a nice +40% gains left.
Once there, time to be careful and secure profits, you don't want to hold at those levels.
The major recovery from our flash crash last week is also a sign of strength (see that massive green wick of +40%). Not bad. Hence, I expect continuation of this price action until we hit resistance. Then it's time to re-assess.
Like and follow if you liked this idea!
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