Tezos still consolidating! 🥱
I've readjusted de bottom line of the symmetric triangle (white lines) in order to cover the latest price movement.
The price has tested many times the support line of the symmetric triangle (white lines), so the breakout should be close to happening.
The symmetric triangle usually breakout in the direction of the current tendency (the one before entering the triangle), so in our case, that should be bearish. There are also other occasions (less frequent) where the symmetric triangle acts as a reversal pattern.
I really believe Tezos is undervalued. It's a great project technically speaking, and it also has good fundamentals nowadays.
The squeeze momentum in the daily time frame has been showing a bearish momentum every day weaker. The ADX in the daily is also moving down, but still far (currently at 32.39) from the 23 levels.
The other variable is keeping me Bullish is the Bearish Harami in the Market Cap BTC Dominance, in the daily time frame. When Bitcoin is rising and the BTC Dominance is decreasing (hopefully), this is usually a good moment to hold altcoins.
I'm already in profit with this trade, I've been buying the bottom (doing cost-average). But this is taking too long in the same area of price, and I don't like that. Especially inside a symmetric triangle coming from a bearish movement.
☝️ That's why I'm placing a stop loss to break-even. Even more, forgive the redundancy, with a bearish divergence (see above) in the MFI (Money Flow Index). If Tezos price finally breakout bearish (with hight volume) I would wait (limit buy) for the price at $1.5648 and $1.4346.
Do you have something to share? I would like to read your opinion on this!
That's all folks! ⌛️
This isn't trading advice. I've no idea what I'm talking about 😉.
Trade with caution! 🚨 Have a good day! 🤟
The price has tested many times the support line of the symmetric triangle (white lines), so the breakout should be close to happening.
The symmetric triangle usually breakout in the direction of the current tendency (the one before entering the triangle), so in our case, that should be bearish. There are also other occasions (less frequent) where the symmetric triangle acts as a reversal pattern.
I really believe Tezos is undervalued. It's a great project technically speaking, and it also has good fundamentals nowadays.
The squeeze momentum in the daily time frame has been showing a bearish momentum every day weaker. The ADX in the daily is also moving down, but still far (currently at 32.39) from the 23 levels.
The other variable is keeping me Bullish is the Bearish Harami in the Market Cap BTC Dominance, in the daily time frame. When Bitcoin is rising and the BTC Dominance is decreasing (hopefully), this is usually a good moment to hold altcoins.
I'm already in profit with this trade, I've been buying the bottom (doing cost-average). But this is taking too long in the same area of price, and I don't like that. Especially inside a symmetric triangle coming from a bearish movement.
☝️ That's why I'm placing a stop loss to break-even. Even more, forgive the redundancy, with a bearish divergence (see above) in the MFI (Money Flow Index). If Tezos price finally breakout bearish (with hight volume) I would wait (limit buy) for the price at $1.5648 and $1.4346.
Do you have something to share? I would like to read your opinion on this!
That's all folks! ⌛️
This isn't trading advice. I've no idea what I'm talking about 😉.
Trade with caution! 🚨 Have a good day! 🤟
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