XTZ has corrected exactly to the point of my previous call. Lucky for us, XTZ seemes to have a thing for Fibonacci.
As you can see, $1.59 (0.236fib) has been touched 6 times in the last couple weeks. The first three times showed powerful resistance, but on Dec 19th, XTZ was able to break through and peak at $1.85. During XTZ's cool-off, it has found mild/weak support at $1.59.
I think it's an appropriate risk:reward to place a long at $1.59-1.65 with a tight stop loss just below the 0.236 fib. Stop=$1.55-1.57.
If stopped out, look to close short near $1.43-1.45 (0.382 fib). - You can see that 0.382 is also a "resistance turned support" point.
As you can see, $1.59 (0.236fib) has been touched 6 times in the last couple weeks. The first three times showed powerful resistance, but on Dec 19th, XTZ was able to break through and peak at $1.85. During XTZ's cool-off, it has found mild/weak support at $1.59.
I think it's an appropriate risk:reward to place a long at $1.59-1.65 with a tight stop loss just below the 0.236 fib. Stop=$1.55-1.57.
If stopped out, look to close short near $1.43-1.45 (0.382 fib). - You can see that 0.382 is also a "resistance turned support" point.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.