XTZUSD after the formation of the Bearish Butterfly harmonic pattern the price began to fall within the descending broadening wedge pattern.
The price will probably fall to 5.5, which corresponds to 0.786 fib level and strong resistance.
One should be careful because bitcoin has a strong influence on the further development.
Disclamer: This is not financial advice.
You trade at your own risk.
The price will probably fall to 5.5, which corresponds to 0.786 fib level and strong resistance.
One should be careful because bitcoin has a strong influence on the further development.
Disclamer: This is not financial advice.
You trade at your own risk.
Comentário:
The price broke the triangle down and reached 7.2.
It seems that 7.2 is a strong resistance that the bears failed to break through.
The Bulls are taking control and they are likely to break up the descending broadening wedge pattern
It seems that 7.2 is a strong resistance that the bears failed to break through.
The Bulls are taking control and they are likely to break up the descending broadening wedge pattern
judging by the large oscillations in the price, one gets the impression that bulls and bears cannot agree on the further course of the price.
The situation is further complicated by the BTC which is currently in my opinion bullish in the accumulation phase ( look at mu BTCUSDT chart ) and which seems to have slowed down the fall in the price of XTZUSDT.
The risk ratio is increased.
The price formed a triangle within the descending broadening wedge. The price at this point can easily break the triangle in both directions. If he breaks down the next target is 7.2. If the price breaks up the target is 8.0 and probably breaking the descending broadening wedge line. I closed my short position at 7.55, now I am waiting for the triangle break to open the short or long position.
One should be careful and beware of false breakthroughs due to the large oscillation in price.
You trade at your own risk.