XTZUSDT a Descending wedge and time to open!/Trading Strategy
XTZUSDT1H trend chart
In this trading strategy, I'll provide 2 types of open timing for aggressive and conservative traders, respectively.
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We modify the patter as a descending wedge from a triangle(refer to last analysis)
Price suddenly plunged while ETH falling, but it formed a good wedge.
In the meantime, price hit Vegas tunnel_576ema, and rallied back to 12ema rapidly.
Also, Fib(0.382) showed a strong support for price.
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So here is our first timing to open position, and trading strategy as below.
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*Notice the resistance from upper trend line
=>Based on this resistance, conservative trader could wait for the break-out of upper trend line.
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Profit Targets:
a) 9.166----Fib(1)
b) 10.187~10.599----Fib(1.272~1.382)
c) 12.918-----Fib(2)
Stop losses:
a) 6.847----Red horizontal ray
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