Greetings,
Tezos has been consolidating around all time high (relatively speaking for crypto) in this cup and handle formation and it appears that the handle has taken the form of a falling wedge. This wedge is performing on the lower time frames and I suspect we will see the formation perform over the next couple of weeks.
The most common stall target for price action ends up being around the 1.618 extention so I would suspect we would see some serious consolidation there. I also suspect the dashed trendline will flip from resistance to support and when the support is found the untrend will begin anew. This cup and handle formation has taken over six months to perform so I am hoping to find a sustained move but that could still involve months of consolidation at one of the fib levels.
If you want to take this as a trade you can use basic falling wedge trading strategies to get your entry and then hope for the cup and handle to perform as well.
There is a lot of volume resistance to get past at 7.1 so I suspect that will be where we stall when this wedge begins to perform.
And as a little extra Total2 is setting all time highs on every time frame you could imagine. Over the next couple of days we should see lots of money flow into crypto.
The market could see some consolidation when Total2 gets to its 1.618 fib target as well. Lots of juice in this squeeze.
Tezos has been consolidating around all time high (relatively speaking for crypto) in this cup and handle formation and it appears that the handle has taken the form of a falling wedge. This wedge is performing on the lower time frames and I suspect we will see the formation perform over the next couple of weeks.
The most common stall target for price action ends up being around the 1.618 extention so I would suspect we would see some serious consolidation there. I also suspect the dashed trendline will flip from resistance to support and when the support is found the untrend will begin anew. This cup and handle formation has taken over six months to perform so I am hoping to find a sustained move but that could still involve months of consolidation at one of the fib levels.
If you want to take this as a trade you can use basic falling wedge trading strategies to get your entry and then hope for the cup and handle to perform as well.
There is a lot of volume resistance to get past at 7.1 so I suspect that will be where we stall when this wedge begins to perform.
And as a little extra Total2 is setting all time highs on every time frame you could imagine. Over the next couple of days we should see lots of money flow into crypto.
The market could see some consolidation when Total2 gets to its 1.618 fib target as well. Lots of juice in this squeeze.
Note
Things are beginning to pick up. All my homies love Tezos today.Note
Also, here is Tezos against BTC with some other fib targets and a falling wedge.Note
Tezos continues to chop around the 0.786 fib level shown in the top chart. So far I see a symmetrical triangle pattern and I assume that it will break to the upside but I pave placed my stop at the ray at 5.97 in case it breaks down. It is a broader bull market for crypto and alts but something will always be a laggard. My take profit remains the same at $19, which is the 1.618 extension, also shown on the main chart.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
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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.