Technically we are support from both parallel channel and horizontal support from previous periods, divergences on the RSI, MACD on the daily TM, wave 5 completed and it just seems that it should fly soon.
BUT, if BTC keeps going up and the dominance cannabilizes the alts, then this would go down further. Best scenario would be for BTC to settle above the 12k...
XTZ is testing the short-term resistance line, and if we break that level the next target will be the next important resistance level!
Based on the distance from 100 MA we believe the price will come back to test that line as resistance in the short term.
Bullish Diverce RSR
💎Technical Analysis Summary💎
-Tezos is trading inside a descending channel
-The pattern is Bullish if breakout to the upside
-The major support area is at 1600 range
-That zone is tested support twice and saw an upward move
-If XTZ will continue its downtrend, it will likely test this region
-I recommend buying the breakout of the channel to...
On the XTZUSD chart, we are hitting this MAJOR trendline. I imagine this will hold as support and we will move higher from here. You can also see that RSI is extremely oversold which would also indicate a move off this $2 area.
If we coincide this with the XTZBTC cross, we can see that RSI is also very oversold here and hitting this .618 fib line. this should...
XTZBTC has been one of the most consistent pairs throughout the year 2020 so far. So consistent, that in fact helped me calculate the exact top and take a sell position and hit the target with surgical accuracy as you can see on the idea below:
Now I believe it is time to start...
Bullish divergence observed on the daily, still need confirmation candle. I am not expecting a trend change, but more of a relief rally to back test the consolidation and we will get a confirmation whether or not that's become a resistance.
Currently XTZ has bounced from support zone. Furthermore, we can see a bullish macd cross. This happened already 2 times the last couple of months and both times we saw a bounce of atleast 20%.
Buy zone 20k
Dca strategy until 19k