XTZ Potential Channel Bounce
Updated
I have been watching this channel on the logarithmic chart for Tezos for almost a year now, and at least thus far it has consistently bounced near the channel bottom which is currently approaching.
It looks further possible that a bounce might occur based on bullish reversal divergence on the daily chart for both MACD and RSI.
The bounce will likely be dependent upon BTC, but see my post yesterday for how I think that BTC might also bounce here, supporting the idea of a Tezos bounce:
Either way, should be interesting to see if the trend holds up or if a new trend is about to occur. And as always, this is solely my opinion and is not in any way meant as financial advice. But please like or comment if you agree or have any further opinions!
It looks further possible that a bounce might occur based on bullish reversal divergence on the daily chart for both MACD and RSI.
The bounce will likely be dependent upon BTC, but see my post yesterday for how I think that BTC might also bounce here, supporting the idea of a Tezos bounce:
Either way, should be interesting to see if the trend holds up or if a new trend is about to occur. And as always, this is solely my opinion and is not in any way meant as financial advice. But please like or comment if you agree or have any further opinions!
Note
Slightly concerning that the price broke the bottom trend line, but that also happened in July and headed upward afterward and we just touched the key points on RSI. Hence it seems like there is still some good bounce potential here, but in my opinion seems largely based on BTC not crashing).
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