Tezos Facing Key Rejection in Bearish Chart Formation
Updated
Tezos is appearing to have a fundamental breakdown of the key trendline of this uptrend. What was support for over 900 days now appears to be acting as resistance and that is a very key rejection for Tezos to be facing. Simple targeting on the overall structure is shows with the bold black and red fib retracement and the the fib retracement of the head and shoulders is shown on the orange and black retracement.
Tezos has been pretty wicky on almost all the exchanges it is traded on and that can make target setting on chart formations rather difficult but I think we have a fair approximation with the orange targeting. Full performance on these target might take a while, like 4-6 months but very likely there will be a standout red candle that makes up the bulk of the move.
I do a lot of charting on BTC but that is to help my crypto trading on alts. As it stands right now I am holding stable coins & fiat taking this short.
Here us the rundown of why I continue to be bearish, but this time centered on Tezos, using the weekly chart below with the chart above we see
I don't know how your system works, or why you may be bearish or bullish but to me this is a bearish set of circumstances.
charts I'm still working on in the background
Major stall at what would become the the 0.618.
This wedge is the formation that got me looking at this trade. The MACD EMAs are always very interesting to me. I circled where they have crossed on the the main chart (which would be the MACD crossing zero) and where the MACD crosses the signal. Look for interactions way more than I should. I'll be placing a stop for guaranteed profit shortly.
Tezos has been pretty wicky on almost all the exchanges it is traded on and that can make target setting on chart formations rather difficult but I think we have a fair approximation with the orange targeting. Full performance on these target might take a while, like 4-6 months but very likely there will be a standout red candle that makes up the bulk of the move.
I do a lot of charting on BTC but that is to help my crypto trading on alts. As it stands right now I am holding stable coins & fiat taking this short.
Here us the rundown of why I continue to be bearish, but this time centered on Tezos, using the weekly chart below with the chart above we see
- Under the 20 week SMA
- Under both weekly VSTOP and 3x VSTOP
- Weekly MACD is crossed bearish
- Weekly OBV is below the 20w SMA
- Mega bearish reliable chart formation
- Flipped long term trendline from support to resistance
I don't know how your system works, or why you may be bearish or bullish but to me this is a bearish set of circumstances.
charts I'm still working on in the background
Major stall at what would become the the 0.618.
This wedge is the formation that got me looking at this trade. The MACD EMAs are always very interesting to me. I circled where they have crossed on the the main chart (which would be the MACD crossing zero) and where the MACD crosses the signal. Look for interactions way more than I should. I'll be placing a stop for guaranteed profit shortly.
Note
So far proceeding wellNote
Tezos is almost at a monthly low. My entries are in the the price boxes and the black horizontal ray is my stop loss. There is a triangle structure I see breaking down that I hope to see some more downside over the next week and maybe a month or so we will be tapping on $1.5
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