XTZ - Definitely a pennant!
Tezos is trading inside a triangle in the hourly chart, and it seems it engaged in a bull trend for now, trading above the 21 ema and found a support at the previous top (pink line). Also, there’s an ascending channel, which gives us another bull sign.
In my last XTZ analysis the price was trading at the bottom of this triangle, and I said an upwards breakout had a better risk/reward relationship and is more desirable than a downwards breakout (if you missed my last analysis, the link to it is below). And this is more evident at the daily chart:
The chart seems to be more bullish than bearish in my view, despite of the low volume. The triangle in the hourly chart is the pennant in the daily chart, and if occur a breakout from it we could set a target at the $3.32, which is the red line above. It will find some resistances, yes, but since it’s a bull trend, there’s nothing to worry.
We should wait for a breakout in the next days, but I have nothing against those who want to buy XTZ now, just be careful with the low volume. As for the hodlers, there’s nothing surprises here, and the points in the chart can help you to set your expectancies.
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. *
In my last XTZ analysis the price was trading at the bottom of this triangle, and I said an upwards breakout had a better risk/reward relationship and is more desirable than a downwards breakout (if you missed my last analysis, the link to it is below). And this is more evident at the daily chart:
The chart seems to be more bullish than bearish in my view, despite of the low volume. The triangle in the hourly chart is the pennant in the daily chart, and if occur a breakout from it we could set a target at the $3.32, which is the red line above. It will find some resistances, yes, but since it’s a bull trend, there’s nothing to worry.
We should wait for a breakout in the next days, but I have nothing against those who want to buy XTZ now, just be careful with the low volume. As for the hodlers, there’s nothing surprises here, and the points in the chart can help you to set your expectancies.
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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