If you haven't seen the updates on my last XTZ thread, I got out at the $3.20 area for a slight loss on my re-entry but overall it was a hugely profitable position trade. My concern has always been that we could go down to as much as $2. Which Tezos now seems poised to do. I was reluctant to sell my last position because of the massive profit we already had and...
If u can’t see the monster bull trend. Regardless of it’s current gains it’s created higher highs and higher lows. It is currently working itself around on the daily but all other major time scales point much much higher. Nothing screams major pullback just yet.
Going to be quick here. I really like this Tezos Market structure we have going on here. iH&S. broken trendline and the rest of the market is holding. Re entering for basically what I bought in for.
This is likely the last bout of downward pressure before we begin to go up exponentially in the month of March, 2020. It's POSSIBLE they could take it up a bit first (bull trap) just before slamming it down between $3.09 to $3.20. This coming "estimated" move down is NOT GUARANTEED. This is only my opinion based on my observation.
XTZ on our trend timeframe showing an uptrend with no signs of reversal. Stochastic RSI showing momentum in favor of the bulls with no signs of reversal. We should expect next week's candle to make a push towards $3.80, possibly higher with enough momentum.
Tezos will most likely fall to the .382 to .5 fib before a short term bounce, keep in mind that the weekly RSI is at 82 so a retrace to the .618 fib is very possible and will make a fantastic buying opportunity. Tezos is an extremely hyped project but has a long way to go, good things happen to patient traders. Happy trading everyone.
XTZ/USD at 38,2% Fib Retracement from All Time High.
We are not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature,
and are therefore are unqualified to give investment recommendations.
Always do your own research and consult with a licensed investment professional before...
before we kick start the update. your upvotes/subs are appreciated.
Why get subbed to to me on Tradingview?
-15+ years real live trading experience
-TOP Author on TradingView
-professional chart break downs
-no junk on my charts
-covering FX/crypto/US stocks
-24/7 uptime so constant updates
We are focused on full-time trading and...