XTZBTC Tezos potential Cup and Handle In the making *Long
This is a premature idea, but food for thought.
We see Tezos has made a nice broad cup formation and has retraced after making a double top which coincided with BTC's recent pump.
Ideally support will form around this current area before this pullback goes to deep, which would invalidate this idea. But as of right now, stoch RSI levels look close to resetting on the daily time frame and BTC appears to have cooled off momentarily. Would like to see a volume surge as well.
The hope is that an alt rally will soon be sparked, as the market price action has been muted by BTC's rapid rise.
Safe bet would be to layer in small buy orders in the 2800-3200 area. Or wait for a strong daily close above the neckline of the cup.
This has the potential to be an insane profit opportunity.
As always, this is not financial advice. Trade carefully.
We see Tezos has made a nice broad cup formation and has retraced after making a double top which coincided with BTC's recent pump.
Ideally support will form around this current area before this pullback goes to deep, which would invalidate this idea. But as of right now, stoch RSI levels look close to resetting on the daily time frame and BTC appears to have cooled off momentarily. Would like to see a volume surge as well.
The hope is that an alt rally will soon be sparked, as the market price action has been muted by BTC's rapid rise.
Safe bet would be to layer in small buy orders in the 2800-3200 area. Or wait for a strong daily close above the neckline of the cup.
This has the potential to be an insane profit opportunity.
As always, this is not financial advice. Trade carefully.