XTZ.usd near the Ideal Support for uptrend: Tezos $1.35 bounce ?

Tezos retrace could be about done.

XTZ along with entire crypto market has been retracing sharply.
Bulls have already missed a good shot for reversal at $1.5 round.
We are now approaching the classic "top of wave 1" support zone.

1.3753-3791 could bounce it but is not well reinforced.
1.3332-3528 has cluster of fibs, concentrated at bottom.
1.2659-2728 might catch a scam wick or "bear trap".

The above assumes the uptrend is to resume at some point.
Being a Holiday week, it seems unlikely but we can plot for it.
IF we get a clean Ping off one of the supports, reversal is possible.

See my previous analysis below under "Related Ideas".
I also plot Forex and some stock, see my Profile Page.

Comment:

First Support Noticed.

Got a nice Ping at the first support zone

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Zoom IN (5 min) with Fib added to last leg down

Firstly notice the very clean PING of the top bound, which is the 4.236 of this leg.
It is possible this wave is done, but volume is near zero right now so dont expect this will hold.

Nonetheless, a Ping like that is confirmation of the small tf fib, as well as the higher tf fibs that made that zone.

So now we see if it holds.

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Comment:

Ping

Another perfect Ping, off the Primary support this time

Zoomed in, that looks like a very clean Ping indeed

Now lets see if bulls can hold it.

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Comment:

Bounce is holding.

So far the bounce is holding, but facing some resistance already

.

Zoom IN (1 min) and putting a fib on our bounce

a little sloppy but there are enough clean Pings for me to leave it on chart.
During a violent move, price will of often overshoot fibs, but as it settles down it should start paying more attention to these fibs.

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