Before we get into this idea, please note that performance is not guaranteed. I recommend doing your own research before entering any trade. Your upvotes & comments are appreciated.
Two days ago, I shared an idea expressing my concerns about a possible Head & Shoulders formation on the
XTZUSD
Chart.
Since the right shoulder failed to breach the trend line I identified in previous ideas, I see potential for a failure of the H&S pattern. In order for this H&S to fail, the price needs to break the top of the right shoulder, around $2.84.
If
XTZUSD
indeed manages to break through the $2.84 levels, the upwards trend has proven its strength. Moreover, I believe a rise in price to the upper limits of the channel will not be unlikely as a result of the breakout from below $2.84.
As of right now, I suggest holding your current stake. If you are a firm believer in the upwards trend, buying around $2.70 is not a bad idea, but keep your SL tight.
Important: I myself will not be trading this setup specifically. I already hold XTZ and do not plan on selling them unless the price fails to break $2.84 before the 13th of May, when $2.84 is the exact bottom of the upwards trend channel.
Best of luck, traders!
- Jelle
Two days ago, I shared an idea expressing my concerns about a possible Head & Shoulders formation on the
XTZUSD
Chart. Since the right shoulder failed to breach the trend line I identified in previous ideas, I see potential for a failure of the H&S pattern. In order for this H&S to fail, the price needs to break the top of the right shoulder, around $2.84.
If
XTZUSD
indeed manages to break through the $2.84 levels, the upwards trend has proven its strength. Moreover, I believe a rise in price to the upper limits of the channel will not be unlikely as a result of the breakout from below $2.84. As of right now, I suggest holding your current stake. If you are a firm believer in the upwards trend, buying around $2.70 is not a bad idea, but keep your SL tight.
Important: I myself will not be trading this setup specifically. I already hold XTZ and do not plan on selling them unless the price fails to break $2.84 before the 13th of May, when $2.84 is the exact bottom of the upwards trend channel.
Best of luck, traders!
- Jelle
