XTZUSD short term bull experiment

XTZUSD had a breakout today on stronger than usual volume, so I ran an algorithm to generate some experimental support and resistance zones. There's a lot of stuff going on in this chart, but really only two things to focus on. (1) The yellow heavy resistance area which I believe is caused by buyers stepping in too early during the apocalypse crash in May, and (2) The cyan IH&S neckline support area which I expect to be retested at some point, sooner or later. It's important to note that the cyan support zones and yellow resistance zones are just prices spit out by the algorithm where it thinks buyers and sellers will step in. I'm applying my own interpretation to each scenario to give a human interpretation as to why those prices zones may be meaningful in a different way. The gray box labeled IH&S target zone is purely my own interpretation using traditional TA, based on the distance from the lowest low to the neckline. I am long term super bullish on XTZ, and will probably just hold through the chaos to come. As always, let's see what happens!

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We already retested the IH&S neckline and popped straight up to the top of heavy resistance. Be careful near the $5 threshold! I would be more willing to exit some of my position if it touched heavy resistance before retesting the neckline. Volume is so high right now that I'm probably just going to ride the volatility. Great trading conditions though.

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Wow!!! Look at that pump!!! Cut straight through heavy resistance like butter, which means there is a 99% chance of a retest back to $4.8 sooner or later. If it can hold at or above that level for a while, the sky is the limit.

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Wow again!!! Everything is happening at warp speed. The heavy resistance zone is already fully retested. If it holds at or above $4.7, it would be a sign of tremendous market strength. If it breaks below and decides to retest prior obvious horizontal resistance at $4.5, it's still pretty good, but not as super bullish. If a daily candle closes below $4.5, I will need to re-evaluate the situation.

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Holding at $4.5 so far. My intuition right now, invalidated if it drops below $4.2

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Buy the fear

swilton

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swilton