XTZBTC | Do you have a fork? Yes, a Pitchfork!Analyses of the large timeframe scales reveals a formation of ABCD basis at XTZBTC position. Pattern started on 16th of February and finished on 5th of March which is displayed at the chart.
This is a very important and interesting moment because subsequent price action went in a traditional three drives pattern. Thus a descending channel with strong support and resistance levels was formed
The support trend line helped Tezos to survive Bitcoin market crash but further the complete pattern was accurately finished on 14th of March. As always three drives forms a Pitchfork which in this case is based on continuation ABCD pattern
Price action takes place right at the bottom of it and according to consolidation|distribution pattern finished accumulation and is ready for a growth right to the upward edge of the Pitchfork channel
There is no fundamental basis for Tezos to break Pitchfork thus our final target will be the upper edge of the pattern, further we expect a decrease
Automatic premium signals is shared in the Telegram premium channel and applied through API
XTZBTC trade ideas
XTZ/BTC TA Update (Another leg down?)XTZ/BTC
XTZ broke horizontal support at 2900 sats and now facing to resting the upward trend-line support which is located in the 0.618 fib levels.
Most traders are looking for a bounce play once the price reaches that zone of support.
But today, Technical Analysis is becoming too risky if the world market is in fear regarding the virus affecting all sectors.
Be cautious, trade with proper stop loss and apply risk management all the time.
XTZBTC in Strong UpTrend!!!
I include Tezos in my watchlist mainly because of the strong Uptrend that has been accompanying it for a few months. Over the last period Tezos has made a profit of more than 400%, so I will not hesitate for a while and once the corrective structure is completed I will buy XTZ. As for its Buy Zone, it is between 2750sats and 2550sats. I also have an alternative Re-buy zone in the graph but it doesn't have to be filled because Tezos is extremely bullish. After testing the Key and Bullish zones, the XTZ will only grow up to the Take Profit zone.
XTZBTC Key Support| Local Resistance| Lower High?Evening Traders
Today’s Technical Analysis will be on XZTBTC that has been in a strong bull trend, a correction and a retest of the .382 Fibonacci is likely before a continuation.
Points to consider,
- Bull trend intact – consecutive higher lows
- Key support (.382 Fibonacci)
- Local resistance to break
- RSI correcting to support
- Stochastics projected down
- Above average volume
- VPVR decreasing in volume
XTZBTC has been putting in consecutive higher lows keeping the bull trend intact, it has tested the .392 Fibonacci as the new potential higher low.
The .382 Fibonacci is a key support being in confluence with the structural horizontal.
Local resistance is a key level to break for the market structure, this will allow XZT to leave current trade range.
The RSI is correcting to neutral territory from overbought conditions, healthy to see in an uptrend. Stochastics on the other hand, is to correcting with stored momentum to the downside.
Volume nodes are clearly above average, this needs to sustain for a continued bull trend.
The VPVR shows low volume of transaction below key support, a break to this support can propel XTZ to test lower regions.
Overall, in my opinion, XTZBTC is putting in a probable lower high in this will defined trend. A break of ley support will increase the likely hood of a higher low – first signs of a trend reversal.
What are your thoughts?
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And remember,
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William O’Neil
XTZ Long to All Time HighTezos (XTZ) is showing bullishness. Price just closed above the 0.236 Fibonacci and the blue box of peace and prosperity. Price will likely continue its journey to the moon. We just closed a 4H above the blue box of peace and prosperity, therefore, price action is very likely to hit the next blue box of peace and prosperity and beyond.
If the bulls stand strong at the next blue resistance box, then one should consider closing out the position to lock in profits.
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Entry: 0.0003624
Entry Zone: 0.0003668 - 0.0003648
T1: .0003671
T2: 0.0003720
T3: 0.0003835
T4 :0.0003943
T5: 0.0004073
Stop: 0.000354
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R:R: 5.35
Risk: 2.32
Reward: 12.39
Leverage: 3X
Leveraged Risk: 11.6%
Leveraged Reward: 37.17%
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Disclaimer:
This is not financial advice. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.
XTZBTC Tezos ChartTradingview Free Tools that I Use:
EMA 8 (shows the moving average--in this case, for every 8 days)
EMA 48
EMA 200
Fib Retracement A good way to pick out support/resistance levels -- pay attention to where these line up with, or are close to, big round price numbers that people tend to use: on this chart, 0.00038, for example.
Volume Buy or sell volume should increase decisively--because people take sudden interest--when the asset is about to break through support/resistance levels or trendlines . Volume should confirm what you think is about to happen, and can be used to note divergences.
RSI Not shown on this chart. This is the tool you use for two reasons: (1) Shows when an asset is overbought or oversold, (2) Compare trendlines on RSI to trendlines on chart to look for bullish or bearish divergences .
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If anyone thinks I'm doing this wrong or has any pointers, please comment! I like to learn.