Long

XTZ Tightening Range

Updated

Clean tightening range or equilibrium pattern. 3 major things can happen,
1. It'll continue to tighten the range and we'll just wait for it start breaking lines.
2. It'll begin breaking supports and we should watch for it to hold one of them on the way down, but we're in risky territory. The longer we don't hold above $1.40(which is where a large long term patterns resistance has formed) the bigger chance we have of going all the way back down to the bottom support line of that same long term pattern. Over time of course. Not immediately. Though we could see a big drop down, maybe back towards $1.10.
3. It'll start breaking resistances and I think the key here is confirming larger time-frames(4h, 12hr, 1d) over those resistances otherwise we'll just keep wicking back under them. Also looking for it to consolidate and hold previous resistance as support will be notable.

Thanks for checking out my idea! Drop me a like if you found it helpful or interesting. Remember to protect your money and take this idea with a grain of salt.

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Solid run up so far. Hard to say where it'll end as we've seen crazier impulse moves before. We could already be looking for consolidation, but there is a chance we get one more wave up towards $1.50 and then consolidate.

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Possible Inverse H&S forming as the consolidation pattern. Ideally we don't break $1.40-.41 before we go back up past $1.47 again. We need to hold $1.3867 to be confident in another move up.

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On a bearish note we also have a potential H&S pattern. The confirmation for this will be if we break $1.3867 in my opinion. Otherwise we could turn back around and actually just fulfill the Inverse H&S.

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It just keeps on giving! Seems to be time for some consolidation. We could see a new high without touching one of these if BTC decides to make a move. Otherwise, I believe we'll touch one or multiple of these levels before breaking $1.62.

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Great continuation after touching the 12MA yesterday. Today I'm expecting more consolidation. I'm still leaning pretty bullish on further movement up later on. For now, cooling off just seems to be the picture that's painted for us. I believe that because of the H&S top and rejection from our previous support. I would like to see us turn around in the $1.45-.47 area, but its also possible we break-out from the falling wedge that's forming. Which could indicate a bottom higher up. I don't trust falling wedges all too much though. In the case that we fall through our first area of support we need to hold the second red line, or in my opinion, price is turning bearish.

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Playing out as expected thus far. I'm not overly confident we've hit our low with that potential H&S lingering. I'd be confident if we break the red resistance line and don't wick below it. The only thing that's giving me some confidence is that we're wicking above the close red support line. It could just be the bulls making a last stand.

So the message is BE CAUTIOUS. The direction isn't clear, and we're multiple percent away from breaking either line to clarify it better.

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Direction still unclear. Favoring down in my opinion. My biggest concern is the possible H&S on the chart. It seems we've fallen out of H&S right into a new one each leg down. Our best chance of continuation is if we can immediately break up above $1.54 or say, come up to $1.48, turnaround and hold $1.43, and then come back to break $1.48.

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Decision time in the next few hours. We topped our right should and now its going to come down to breaking the neckline or turning around before it. Whichever neckline we break first(the H&S from before or this Inverse H&S im linking now) I think will be the direction we're going to take.

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hmm that Inverse H&S didn't really do what I expected. It formed a tiny right shoulder and tried to push up but didn't get much follow through. I'm being very cautious because of that. We're in an area where we can still tank back down to $1.38 and confirm the bigger H&S.

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Anotha one. Continuation looking to be likely. A break of the white support line is concerning. If we break it + get rejected by it later on then we will need to re-asses. If we get past our local top I'm looking at the upper $1.70's as my first target.

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Also be cautious of that white support line turning into a H&S neckline while heading up towards $1.60 again. XTZ seems to love it.

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Hell of a move! Congratz to anyone following. We could see another move into the $1.80's after short term consolidation. Though I wouldn't be surprised if we double top and get slammed down. So if you're risking it in this area at least have a tight stop.

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Correction incoming IMO. Looking for it to hold $1.48. I'd expect at least a test into the high $1.50's.

Dtradess

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