A nice and easy short action on this correction of this parabolic ascending channel.
Bitcoin done exactly the same yesterday evening.
Sell the next top of the channel and close your position at the goal. Simple.
There is now 3 targets to close short poistions.
1 is safe and right now.
2 has good luck to happen when we look at the volume divergence right now on this mini ascending channel.
3 is the main support, the best point to close. (the second point of a double bottom in weekly chart).
Then we switch to long position, with a safety stop loss, because the weekly...
1) We can see a forming H&S, which is not perfect and not confirmed yet. The first shoulder does not look well, but the forming second looks more nice.
What is interesting is the price target after this H&S could fall perfectly to a good support line.
There is also some support/resistance zone to cross before reaching this point.
2) Why do I use XTZ Market Cap...
In a case of breakout, the price could go touch the major descending resistance.
In a case of breakdown that could be a disaster that could go down to 0.5€.
We have almost 0.95€ of potential moving which is very huge...