Hi Traders
XTZUSD (Daily Timeframe)
The market is in a downtrend, and we are waiting for an entry signal to go SHORT below the 0.911 support level. Only the upward break of 1.041 would cancel the bearish scenario.
Trade details
Entry: 0.911
Stop loss: 1.041
Take profit 1: 0.831
Take profit 2: 0.701
Score: 8
Strategy: Bearish breakout
Much like the algo chart, tezos has formed an inverse head in shoulders inside a slightly bigger inverse head and shoulders and now has 2 necklines which means 2 breakout targets. Still developing for now but it appears the it is confirming the first pink neckline as support here. *not financial advice*
XTZUSD is forming the bear flag .
It doesn´t look like xtz formed the bottom like other altcoins did therefore we expect the bear flag to break down.
Speculative setup:
- price in a distribution mode
- wait for a break down to enter the trade
- target: 1 $
Need to flip this orange 50 daily moving average to solid support and then we can validate the inverse head and shoulder breakout and head to this target. *not financial advice*
Deflationary assets - aka artificial scarcity - is a product of the mediocre mind. Exponential growth and real social progress comes from the idea of "growing the pie". It's weird how people don't use that phrase anymore since it has become such a foreign concept at this point.
Bitcoin (and now Ethereum), NFTs, real-estate (both IRL and the metaverse),...
We are currently in a bear market, this is the time to buy and HOLD, especially POS coins, Tezos is no exception. Start selling some of rewards once we gain traction again and use those rewards to either gain greater position in the market, or to spend for personal use. Sell rewards 100% once we are fully back into the bull market, which will hopefully happen...
We are at risk of repeating May's drop in Tezos.
Leading up to May there was bearish divergence. Thankfully that drop didn't hit it's predicted move!
I'm hoping this scenario doesn't play out but I think everyone should be aware that it's a possibility.
As some analysts have predicted, the public's interest in crypto/Web3 projects have shifted from proof-of-work over to proof-of-stake, following Ethereum's "merge" a few weeks ago. ATOM and ALGO in particular did very well this week (though it did level off eventually) as what seems to be a partial migration of crypto money flowing from one area to the next.
The...
XTZUSD: long term
The price is fixed below large volumes.
Perhaps the price will look for a new bottom before the end of the bear market.
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As of last year, the top 3 most well-known coins - Bitcoin, Ethereum, Dogecoin - have all become "predictable" in terms of its coin supply. BTC has always had a fixed supply cap, ETH has become aggressively deflationary after its EIP-1559 upgrade started "burning" its supply, and Dogecoin is technically "disinflationary" since the rate at which the protocol issues...
