XTZ Ready For a Leg Up!!
Tezo's and most of the market has been feeling the BTC rise and the dominance rise in turn pushing altcoins to the downside, XTZ has actually held up very strong compared to some other coins. We are still comfortably in our ascending channel with us just recently pushing into the lower half. Looking at the bollinger bands we are actually sitting right on that midline which is currently support and holding us up, im looking for a daily close above this level tonight and hopefully a bit of a pivot off of here, aswell the bands seem to coming in and could be starting to squeeze down on price action, if this happens we will likely see some sideways movement with momentum building up stronger and stronger each day until we have an explosive move in either direction. Keep in mind BTC is always a huge factor for altcoins so we must watch this aswell. Taking a look at the EMA ribbons we are still moving in the right direction with the green ribbons on top and with some decent separation, if altcoins start to take off to the upside we can likely get a hint from the EMA ribbons by them starting to open up wider and spread out further showing growing bullish momentum! As far as significant support and resistance go we are dead center inbetween the 0.3 FIB (Resistance) and the 0.5 FIB (Support) i think it is likely that before we move another leg up we will probably go to test that 0.5 FIB level and my thoughts are that we will hold it, unless of course BTC crashes the party. Now the RSI, as i always talk about the midline is a very key level, not only does is act as support (Currently) it signals the overall trend we are in, if we remain above this midline we are still considered in a confirmed uptrend, but if we fall below and fail to get back up and above we will be considered in a confirmed downtrend whether its a short term one or longer term one, i would say shorter term is the most likely option as i believe this bullrun is not over for alts. But we are seeing a curl to the upside slightly above this midline and its looking like we could actually hold here going into daily close, and like i said before if we can hold onto the midlline on the BB aswell, we are looking very good! Not financial advice just my opinion!
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