Tezos / BitcoinLong
XTZ / BTC about to start correction
Updated
It has cleared the descending resistance line on the 4 hr chart. On the 1d chart we have the MA acting as immediate resistance but if cleared, then we could expect an easy 60% move from here.
Factors influencing:
1. Stock market hangs weak and if it goes down, it may drag BTC down
2. If BTC goes down as it did without altcoins bleeding much, XTZ could go up (money transfer from BTC to altcoins) OR
3. Stock market goes down, BTC goes down and altcoins go down along them.
Of course, BTC defended the 33k zone but it just could go for a corrective B wave before a major C wave down.
All in all, no clear sign of direction but technically, should XTZ clear the 1d MA, then it has a better chance of bouncing up.
Factors influencing:
1. Stock market hangs weak and if it goes down, it may drag BTC down
2. If BTC goes down as it did without altcoins bleeding much, XTZ could go up (money transfer from BTC to altcoins) OR
3. Stock market goes down, BTC goes down and altcoins go down along them.
Of course, BTC defended the 33k zone but it just could go for a corrective B wave before a major C wave down.
All in all, no clear sign of direction but technically, should XTZ clear the 1d MA, then it has a better chance of bouncing up.
Note
BTC Domi is doing either a double bottom or in C wave down:
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