XTZ getting ready for a move up?
Updated
This one has been selling off for 52 days and the volume has been dropping for 72 days.
It hit the 2:1 extension from the corrective structure.
It's also at the .618 support from which it has seen no reaction at all so far.
I wouldn't be surprised if this one would take out all the stops at around 4.45 before reversing up.
The market structure is still bearish. Next support below 4.45 is around 4.
I would like to see either a trend change or a long wick that takes the liquidity near that 4.45 level.
I would preset orders with this one.
Let's see how it develops in the coming weeks.
It hit the 2:1 extension from the corrective structure.
It's also at the .618 support from which it has seen no reaction at all so far.
I wouldn't be surprised if this one would take out all the stops at around 4.45 before reversing up.
The market structure is still bearish. Next support below 4.45 is around 4.
I would like to see either a trend change or a long wick that takes the liquidity near that 4.45 level.
I would preset orders with this one.
Let's see how it develops in the coming weeks.
Note
Entry target reached, most of the stops are triggered and now there is a high probability that it's ready to make it's move upNote
I was too early with the entry, that did go pretty perfect until the whole market got surprised by the massive liquidations.XTZ has made a strong rally and I would buy pullbacks at this point.
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.