When XTZ broke down below the $2.2269 support level, it confirmed a bearish channel. I don't anticipate any ABC corrections, or reversal patterns, XTZ will most likely follow this channel all the way to the next critical supports:
TP 1: $1.2662
TP 2: $0.9495
To confirm these targets i used fib retracements, and Money Flow oscillator to confirm bearish channel.
TP 1: $1.2662
TP 2: $0.9495
To confirm these targets i used fib retracements, and Money Flow oscillator to confirm bearish channel.
Note
Looking at the daily, it had a small wick push outside of the trend, but retraced back.Money Flow, Stoch RSI, and volume all look extremely bearish for XTZ / USD.
$1.42 is the price point to look for a divergence or change in the trend, if it breaks that line, it will most likely free fall to around $1.
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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.