TezosLong
XTZUSD - FallingWedge Breakout (4HR Timeframe)
Updated
Breakout of the FallingWedge and clear support from the year long trendline support, so good chance we see continuation to the upside as long as Bitcoin holds steady.
The level I'm watching is the $2.60 region since it was previous resistance multiple times, as well a previous target of a bigger FallingWedge seen 2 months beforehand.
It's also possible for us to reach and test the $3.00 regions in the future, and eventually testing the upper support of the year long trend, though it is too far out to analyze for the meantime. Also, if the price stalls too long in it's current area of $2.35, then that may be a bad sign as well, we need a big push.
The level I'm watching is the $2.60 region since it was previous resistance multiple times, as well a previous target of a bigger FallingWedge seen 2 months beforehand.
It's also possible for us to reach and test the $3.00 regions in the future, and eventually testing the upper support of the year long trend, though it is too far out to analyze for the meantime. Also, if the price stalls too long in it's current area of $2.35, then that may be a bad sign as well, we need a big push.
Note
(Update): Although we are moving up with the rest of the market, it does appear that Tezos is of the weaker bunch. Now, this does not mean we won't reach the target levels of $2.65, but it does significantly increase the amount of time it may take for that level to be reached.Another important level to watch would be the $2.45-2.50 area, which has shown to be quite significant. If this level is tested multiple times and broken, then it's likely Tezos will head up higher, otherwise we may stray around this area for awhile longer before making a move.
Note
(Update): So Tezos dropped alongside many other Alts during Bitcoin's consolidation period, which does make the chart look a bit ugly.So from here forward, we want to see Tezos push back above the year-long purple resistance line, if it manages to do so within the next few days, then that would bring back the bullish case.
Currently I'm comparing Tezos to a Bitcoin fractal pattern from March of this year, I'll make a post on it in the near future, but if it manages to play accordingly, then I believe Tezos has a better chance of rallying upwards then falling below.
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