XTZ/BTC BULLISH TRADE SETUP | SIMPLE, EFFECTIVE TA EXPLAINED
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Hope you're all doing well where ever you are!
Today’s Technical Analysis will be on XTZ/BTC trading in a falling wedge, holding local support as it sits on the .618 retracement– historically being the pivotal point with a probable break to the upside.
Points to consider:
- Bullish uptrend, Consecutive higher lows
- Local support holding
- Holding Support at .618 fib retracement
- Structural support still intact
- Volume below average
- Below Average volume
XTZ’s trend has been bullish with consecutive higher lows being established with impulsive bull moves. Current local support is being held with .618 Fibonacci retracement, historically being the pivot point. A break of these technical indicators will test structural support with overall uptrend still valid.
A break out of the falling wedge will continue the bullish bias, XTZ will then likely take out highs and enter a blue sky breakout.
The volume nodes are in a constant decline and well below average, sign that a decisive move is imminent from current technical trade location.
Overall, in my opinion, XTZ/BTC is holding key support; with the .618 Fibonacci retracement historically has been the pivotal point leading into impulsive bull moves. But considering how this market moves and the nature of crypto, a head-fake close below will likely test structural support, where if the price is held, again likely to continue its uptrend.
As we've seen, after a severe and long stretched bear market in the cryptocurrency space, we're finally seeing momentum slowly starting to back up specifically in the alts as they rise from the dead, putting out some significant percentage moves...
What are your thoughts?
If you like what you see, please show some love by leaving a like and comment!
Hope you're all doing well where ever you are!
Today’s Technical Analysis will be on XTZ/BTC trading in a falling wedge, holding local support as it sits on the .618 retracement– historically being the pivotal point with a probable break to the upside.
Points to consider:
- Bullish uptrend, Consecutive higher lows
- Local support holding
- Holding Support at .618 fib retracement
- Structural support still intact
- Volume below average
- Below Average volume
XTZ’s trend has been bullish with consecutive higher lows being established with impulsive bull moves. Current local support is being held with .618 Fibonacci retracement, historically being the pivot point. A break of these technical indicators will test structural support with overall uptrend still valid.
A break out of the falling wedge will continue the bullish bias, XTZ will then likely take out highs and enter a blue sky breakout.
The volume nodes are in a constant decline and well below average, sign that a decisive move is imminent from current technical trade location.
Overall, in my opinion, XTZ/BTC is holding key support; with the .618 Fibonacci retracement historically has been the pivotal point leading into impulsive bull moves. But considering how this market moves and the nature of crypto, a head-fake close below will likely test structural support, where if the price is held, again likely to continue its uptrend.
As we've seen, after a severe and long stretched bear market in the cryptocurrency space, we're finally seeing momentum slowly starting to back up specifically in the alts as they rise from the dead, putting out some significant percentage moves...
What are your thoughts?
If you like what you see, please show some love by leaving a like and comment!
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