DEMAND ZONE , POSSIBLE BREAKOUT AND RALLY ?
Hello Traders
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- Looking into XTZ at 1D time chart, price action is respecting our strong non horizontal support ( area of value ) , meanwhile XTZ is trading inside an descending channel since 4 October 2021 , obviously sellers has lost their momentum
by making a new lower lows , since then buyers have strong interest buying on this of level support marked in green 2.2$ ~ 2.6$ , price bounced back many times strongly from that support suggestion that buyers are willing to take the
price higher and have steam for another rally , buyers will protect this level in case price bounced back.
- I would like to see buyers breaking the descending resistance trendline of this channel 4.2$ - 4.5$ ( Trigger ) with a good amount of buying pressure volume taking the price higher towards resistance level 5.7$ by then we will have
confirmation after breakout which will confirm our valid scenario, meanwhile XTZ is still in bearish mode trading inside the channel if buyers failed to break the descending trendline , price could bounce back to level support marked
in green or even consolidate.
Good Luck Traders!
