It seems the BEARS LOST this BATTLE.
Technically XTZ triggered a bullish pattern here, a Harami. I discussed with some of my followers about the Harami pattern, and although it is a weak pattern (its outcome it’s random), in my experience Haramis are stronger when they are near some important zones, like support/resistance, fib retracement, etc, and we can trade them well in these scenarios. Of course, a bullish engulf would be better, but Tezos is performing very well lately. Also, if you are new here, I invite you to follow me to keep in touch with our analyses and trades, and you are welcome to join our community.
The last two red candles XTZ did are quite significant to me, as I said in my previous analysis. See these long shadows they left behind? The bears attempted to pass through that red line over there, but the bulls pushed them away, and these shadows left by the candles are scars of a lost battle. The bears failed, and the bull trend is still here.
The price is trading above the blue trendline, which is very good. Now, let’s see the hourly chart:
If the bulls are serious here, they should keep the price up the light blue line and close a candle above this level. That would be perfect for Tezos right now, and it’s the first challenge the bulls have. Tomorrow we will have more details, see you there.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
The last two red candles XTZ did are quite significant to me, as I said in my previous analysis. See these long shadows they left behind? The bears attempted to pass through that red line over there, but the bulls pushed them away, and these shadows left by the candles are scars of a lost battle. The bears failed, and the bull trend is still here.
The price is trading above the blue trendline, which is very good. Now, let’s see the hourly chart:
If the bulls are serious here, they should keep the price up the light blue line and close a candle above this level. That would be perfect for Tezos right now, and it’s the first challenge the bulls have. Tomorrow we will have more details, see you there.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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