XTZ overdue for a correction
Updated
A parabolic curve shape is usually a sign for accelerating bullish momentum, the exponentially increasing nature of the curve results in a break of the trendline eventually. This should ideally result in correction as the bulls cannot sustain the absurd growth anymore, this works well as ETH and other cryptos are also ripe for a correction.
Therefore I'm not saying XTZ is looking bearish, but that its quite likely well see a correction no matter if with a break of the parabolic curve or without.
Best of luck trading!
*Personal views no trading advice*
Therefore I'm not saying XTZ is looking bearish, but that its quite likely well see a correction no matter if with a break of the parabolic curve or without.
Best of luck trading!
*Personal views no trading advice*
Note
Bearish divergence on 4hr Tezos still sure this will go into correction soon enoughTrade active
With increasing bullish price action from the other cryptocurrencies, I took the decision to enter a long position with a relatively tight stop loss. I believe XTZ could break that orange resistance trendline and make a relatively large jump.
Trade active
TP at 3.3Trade closed manually
I forgot to write this here, closed the trade manually yesterday with 0.63% profit cause volume wasn't convincing me. The scenario outlined initially still valid, correction is likely.
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