Another Multi-Time Frame Analysis.
Tezos is still trapped between the two blue lines we talked about in my last XTZ analysis. If you missed it, follow me to keep in touch with our trades and analyses, and I invite you to follow me on TWITTER, because I post some interesting stuff there.
While XTZ is trapped in this zone there’s not much to do but to wait for a better sign. This movement can be either an accumulation or distribution, and we still don’t know where it’s heading. I said in my last analysis that I think the bulls have the upper hand, but their advantage diminishes as the time passes. Let’s see the daily chart:
It’s hard to tell, but maybe a bearish pattern got triggered today. Could be just the volatility in the hourly chart, yes, but still, today’s candle is a little annoying. In any case, the supports here seem to be stronger than the resistances, so the bears will have a hell of a fight if they are serious. Now, the weekly chart:
Tezos found a resistance at the 61.8% fib retracement, which is normal, especially after it completely ignored the 38.2% retracement. That could lead XTZ to a sharper pullback, maybe to the 21 ema or the previous fib retracement, and that's ok, the trend will still be bullish. But it’s interesting to note the long shadows its candles left, that’s the bulls giving us a sign that they are still here and will not let the price drop so easily.
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. *
While XTZ is trapped in this zone there’s not much to do but to wait for a better sign. This movement can be either an accumulation or distribution, and we still don’t know where it’s heading. I said in my last analysis that I think the bulls have the upper hand, but their advantage diminishes as the time passes. Let’s see the daily chart:
It’s hard to tell, but maybe a bearish pattern got triggered today. Could be just the volatility in the hourly chart, yes, but still, today’s candle is a little annoying. In any case, the supports here seem to be stronger than the resistances, so the bears will have a hell of a fight if they are serious. Now, the weekly chart:
Tezos found a resistance at the 61.8% fib retracement, which is normal, especially after it completely ignored the 38.2% retracement. That could lead XTZ to a sharper pullback, maybe to the 21 ema or the previous fib retracement, and that's ok, the trend will still be bullish. But it’s interesting to note the long shadows its candles left, that’s the bulls giving us a sign that they are still here and will not let the price drop so easily.
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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