XTZUSD has formed all major buy confirmations.It has been a while since I made an analysis on Tezos. In fact I haven't made one since February 15. However, as you see on the idea below, the main pattern hasn't changed:
That has been a Channel Up since the bottom of the 2018 Bear Cycle. As shown on the chart, the formation has clear Higher Lows (Channel bottoms) as well as Higher Highs (tops) which in some instances exceed the pattern marginally.
Right now Tezos has completed all major buy signals, namely the rebound on the 1D MA50 (blue trend-line), the CCI bottom bounce and the 1D MA50/ MA100 Bullish Cross. As you see every such Bullish Cross was relatively early on each of the previous three (3) rallies to a Higher High, so we may be still early in the uptrend this time also, despite the fact of being near the top of the Channel Up. In fact every Higher High is longer each time after the Bullish Cross takes place.
Drawing up the Fibonacci extensions since the 2018 bottom, the next target for XTZ is the 2.0 Fib extension. However I won't be surprised to see it break marginally to something like $12.00 - $13.00.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> TradingView
--------------------------------------------------------------------------------------------------------
