XTZ long term channel
Price has broken back inside and has now backtested the channel as support.
If the bullish market sentiment continues, I expect XTZ to pump back towards the top of the channel, potential profit taking at channel levels.
If bulls can push BTC above the grey zone resistance with momentum we may be looking at the run to ATH.
If bulls fail here, we're looking down to a double bottom or lower support around 13.8k
Lots of underside wicks showing buyers are stepping in early.
Not going to go on about the massive rise in Defi and interest income providers. Celsius, although not technically defi I believe is set to benefit from the growth of this market.
In terms of the chart.
Hidden Bullish divergence on MACD (class A), and Class C on the RSI
Price has respected the log scale wedge, and a 1:1 move would put this up to around $0.4
This may all be Wyckoff distribution, and we head back down to test 8800, I am beginning to feel a test higher is more likely.
Price has been sitting in the top half of the wedge, grinding against the supply line, as selling pressure is fading.
Long wicks on dip candles indicating buyers are stepping in sooner
Hidden bullish divergence on MACD...
Price has found support within top half of the uptrend channel.
Price is within a falling wedge structure showing signs of bullish divergence on MFI and MACD.
In context, the weekly time-frame points to further downside, having just closed a bearish engulfing candle. If price were to break out from here, it may present an opportunity to sell at higher prices...
This chart plots USDT Market cap vs. BTC price action. Pretty self explanatory i think..
BTC is the God market for crypto, it's very rare to see another coin outperform, and no ALTs have stood the test of time holding their gains vs. BTC in the longer term.
The BTC dominance chart below shows that with BTC dominance increasing, this is a sign that most money is...
Looks as though SPY fell out of it's channel and is testing it as resistance.
- Hit 61.8% retrace from the Covid dump
- Selling volume increasing, price and oscillators rolling over towards bearish
- broken though support channel structure, testing if bulls will fight back in
Technicals are pointing to a dip, fundamentals are pointing to a dump, offset by how...
Not advice in any way.
Similar structure developing to what happened last time when approaching the down-sloping resistance.
BTC fell below the upsloping trent line.
RSI and MACD bearishly divergence developing.
61.8% retrace resistance.
I can't see this breaking up and staying up. Stop loss is quite tight, might need to watch out for a blow-off top before dumping.
This is what I am seeing, buying pressure at current prices looks to be getting squashed.
One more dip could reveal further bullish divergence on MACD, which combined with an oversold RSI bounce could result in higher prices.
If we get into the green zone I'll start layering some buys.
Not trading advice.