Possible continuation to the upside for XTZ
XTZ has been on an uptrend and here is a possible play for more upside.
I have been keeping an eye on tezos ever since it broke its descending trend line(orange) back in mid-July.
Another trend line(green)/channel was established by a series of highs in which it's lows were using the previous trend line(orange) as resistance.
XTZ recently broke the trend line(green)/channel and retested it as support and is currently approaching R2 as seen on the 4h timeframe.
Possible resistance levels are confirmed by orderblocks.
If XTZ breaks R2 i'd expect it to continue to R1 where it will get rejected and then the previous resistance(R2) will act as support and that is where i will look for a long entry.
Let me know what you think about my first official TradingView post in the comments and please leave a like if you found this information useful.
I have been keeping an eye on tezos ever since it broke its descending trend line(orange) back in mid-July.
Another trend line(green)/channel was established by a series of highs in which it's lows were using the previous trend line(orange) as resistance.
XTZ recently broke the trend line(green)/channel and retested it as support and is currently approaching R2 as seen on the 4h timeframe.
Possible resistance levels are confirmed by orderblocks.
If XTZ breaks R2 i'd expect it to continue to R1 where it will get rejected and then the previous resistance(R2) will act as support and that is where i will look for a long entry.
Let me know what you think about my first official TradingView post in the comments and please leave a like if you found this information useful.
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.