XTZ Double Descending Wedge Pattern
There are 2 descending wedges that have formed. A larger, longer term descending wedge that is nearing its end and a smaller descending wedge inside the large wedge. Either way we break out of the small wedge, the bears or bulls haven't really made any progress until the longer term wedge pattern has broken. A lot of uncertainty in the markets with what is happening the world. It may seem very bearish for alt-coins that they are doing so poorly against bitcoin right now but this is how the cycles work. The money will soon flow into the alt-coin space. Seeing as a descending wedge is typically a bullish pattern, I am long in the mid/long term.
Also note how little volume there has been in XTZ/BTC the past 4 weeks. Volume is an important consideration. It really proves the move is true. For bears, the low volume should be concerning. For bulls, this looks like a ripe setup to break the descending wedge bullish. A break of pattern by early November looks imminent.
Happy trading.
Also note how little volume there has been in XTZ/BTC the past 4 weeks. Volume is an important consideration. It really proves the move is true. For bears, the low volume should be concerning. For bulls, this looks like a ripe setup to break the descending wedge bullish. A break of pattern by early November looks imminent.
Happy trading.
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