XTZ - A Multiple Time Frame Analysis.
Ok, so XTZ is reacting with some good technical moves too. We already talked about that fine double bottom near a very strong support zone (which was very successful, by the way, as it reached its target very fast), but also, look how that black line was respected! It served as a support in FIVE occasions (black arrows), and almost touched it again recently.
Now let’s see the daily chart:
The price is still sleeping, and the volume dropped in the last days, but that’s ok. It’s still a bull trend, and this is more a sideways-type correction than a pullback-type correction, which demonstrated that although the bulls are not motivated to keep going up, the bears can’t take them down either. The price is near the “resistance zone” and is just very close to the 61.8% fib retracement, also is getting closer and closer to the blue trendline. Things are getting tight to XTZ!
But before jumping to any conclusion, we should look the weekly chart as well:
Maybe things start to get a little dangerous here. A Doji under a fib retracement is not a good sign, and that’s why a sharper pullback to the 38.2% fib retracement would still be admissible in my view, without spoil the bull trend. In any case, stay safe, my friends.
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. *
Now let’s see the daily chart:
The price is still sleeping, and the volume dropped in the last days, but that’s ok. It’s still a bull trend, and this is more a sideways-type correction than a pullback-type correction, which demonstrated that although the bulls are not motivated to keep going up, the bears can’t take them down either. The price is near the “resistance zone” and is just very close to the 61.8% fib retracement, also is getting closer and closer to the blue trendline. Things are getting tight to XTZ!
But before jumping to any conclusion, we should look the weekly chart as well:
Maybe things start to get a little dangerous here. A Doji under a fib retracement is not a good sign, and that’s why a sharper pullback to the 38.2% fib retracement would still be admissible in my view, without spoil the bull trend. In any case, stay safe, my friends.
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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