XTZ - Time to worry?
Just like other cryptos, XTZ is having some troubles here. It lost two supports (the 21 ema and the trendline), and now it seems the price found a stronger support at that redline. It’s no that bad, and I don’t think the holders should worry that much. In my view, the “support zone” is a much stronger support, let’s see if it will be tested.
Let’s see the hourly chart for more detail:
The trend is clearly bearish here, but at least the price is struggling near a support, and that’s good for the bulls. I’ll maintain that black line, because I still think is important, and maybe it’s doing a triple bottom here, but I think is too soon to say that.
If the price loses its support in the hourly chart, the price could sink to the “support zone” in the daily chart. Below that point, there’re some supports (thin pink lines), but they seem fragile to me, and I’m not sure they will hold a bear trend. Yes, the bulls should stay alert, but in the end, I’m still believe this is just an opportunity to buy, instead of a serious bearish trend, but we should wait and see how this will work out.
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;
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- 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. *
Let’s see the hourly chart for more detail:
The trend is clearly bearish here, but at least the price is struggling near a support, and that’s good for the bulls. I’ll maintain that black line, because I still think is important, and maybe it’s doing a triple bottom here, but I think is too soon to say that.
If the price loses its support in the hourly chart, the price could sink to the “support zone” in the daily chart. Below that point, there’re some supports (thin pink lines), but they seem fragile to me, and I’m not sure they will hold a bear trend. Yes, the bulls should stay alert, but in the end, I’m still believe this is just an opportunity to buy, instead of a serious bearish trend, but we should wait and see how this will work out.
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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