Bulls should WATCH OUT!
Just like other cryptos, XTZ is sleeping, and the price is moving sideways under the “resistance zone”. If you are out, like me, then the only thing to do is wait. Maybe the price will do a pullback and meet some supports, or maybe it will move sideways until it reaches the blue trendline, then I believe it’s worth to long.
Who follows me are already familiarized with my style, I’m not a daytrader, I like to surf a trend that lasts for some days or even weeks sometimes. I rather prefer to trade less and capture a big move than trying to constantly earn money daytrading the noise. But I always like to look the hourly chart for some clues:
XTZ did a successful double bottom pattern (target reached the green line), for the daytraders joy, and that black line is a support again. If it loses these supports than we can talk about a sharper pullback, but until then, nothing new is going on.
Before we finish here, let’s look the weekly chart:
The price failed in close above the 61.8% fib retracement and did almost a Doji pattern. So, the bulls should be careful, because if triggered, this pattern could sink the prices back to the support zone, which consists of a previous top/bottom and the 38.2% fib retracement (daily chart).
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. *
Who follows me are already familiarized with my style, I’m not a daytrader, I like to surf a trend that lasts for some days or even weeks sometimes. I rather prefer to trade less and capture a big move than trying to constantly earn money daytrading the noise. But I always like to look the hourly chart for some clues:
XTZ did a successful double bottom pattern (target reached the green line), for the daytraders joy, and that black line is a support again. If it loses these supports than we can talk about a sharper pullback, but until then, nothing new is going on.
Before we finish here, let’s look the weekly chart:
The price failed in close above the 61.8% fib retracement and did almost a Doji pattern. So, the bulls should be careful, because if triggered, this pattern could sink the prices back to the support zone, which consists of a previous top/bottom and the 38.2% fib retracement (daily chart).
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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