In the previous idea I clearly stated that I was Bearish and I had also great satisfaction with the market XTZ/USDT, on Binance.
Honestly? I did not expect the bear market reaching 8500$ level, but still, a great confirm of the previous analysis.
Like Axl Rose sang in Sweet child of mine from Guns 'n Roses, "Where do we go, Where do we go now".
On a daily Timeframe, 26th February's candle violated Kumo and MA200 with price but closing perfectly in line with these two indicators. Often when Kumo is broken with the daily closure inside it, we will see the price crossing Kumo, towards the other line.
In this moment we have a slightly oversold RSI on Daily, 4H and 1H timeframe but I actually do not really care, since we stayed constantly overbought during the last bull run, more than one month.
Trend has been broken, with lower low and lower high, so we cannot rely any more on the channel represented with red solid lines.
Pink dotted line may be a dynamic support area, determined from historical supports and resistances.
The volatility indicator shows that good movements are likely to happen soon. The thin blue line represents a key level for ATR and we are now above it.
I expect two behaviors, that in this moment are equally possible IMHO: retest of the thick blue line, that represent a key level of the last months (with blue arrows spotting the price testing it) --> bullish reaction towards 9400$ level. The bearish reaction would bring the price at 8000$, bottom level of the Kumo.
I will update this idea once some different behaviours will be detected.
I consider this moment a "No-Trade-Zone".
Start is what stops the most part of the people!
Honestly? I did not expect the bear market reaching 8500$ level, but still, a great confirm of the previous analysis.
Like Axl Rose sang in Sweet child of mine from Guns 'n Roses, "Where do we go, Where do we go now".
On a daily Timeframe, 26th February's candle violated Kumo and MA200 with price but closing perfectly in line with these two indicators. Often when Kumo is broken with the daily closure inside it, we will see the price crossing Kumo, towards the other line.
In this moment we have a slightly oversold RSI on Daily, 4H and 1H timeframe but I actually do not really care, since we stayed constantly overbought during the last bull run, more than one month.
Trend has been broken, with lower low and lower high, so we cannot rely any more on the channel represented with red solid lines.
Pink dotted line may be a dynamic support area, determined from historical supports and resistances.
The volatility indicator shows that good movements are likely to happen soon. The thin blue line represents a key level for ATR and we are now above it.
I expect two behaviors, that in this moment are equally possible IMHO: retest of the thick blue line, that represent a key level of the last months (with blue arrows spotting the price testing it) --> bullish reaction towards 9400$ level. The bearish reaction would bring the price at 8000$, bottom level of the Kumo.
I will update this idea once some different behaviours will be detected.
I consider this moment a "No-Trade-Zone".
Start is what stops the most part of the people!
