Exploring a bearish possibility because the entire move is confined within the blue channel and considering an ABC, here A:C = 1:1
We also had 4 green candles on the monthly, the last time this happened, price dropped 60%. In our case here, a 60% drop will take to channel bottom
Hope some of you were able to make some money on all this volatility. I just sat on my hands mostly. Stacked at 3.05 and 2.75. Apologies for not calling the (local) top. Seems this inverted head and shoulders should shoot us back to at least 3.25.
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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.
Looking at the trend timeframe we see price remains in an uptrend, stochastic rsi showing momentum in favor of the bears. Our swing low ($1.09) to swing high ($3.95) shows our 38% retracement is currently being tested for support. As long as XTZ remains above $2.60 we are respecting uptrend...
Hello fellow traders,
XTZ has finished its ABC running flat correction after being accumulated in two fib zones for the past 2 weeks. I think we are just starting a wave three so my minimum target is at least $2.50, if we have good volume my targets will be fibs above that.
Good luck with your trades! :)
XTZ/USD at 38,2% Fib Retracement from All Time High.
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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...
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