Over 2.5 months ago, I made a long-term analysis on XTZ and the bullish channel it has been trading in since it's inception.
It appears that investors were watching the exact same channel. Since the price touched the upper resistance of the channel, XTZ has seen a bearish move to the downside.
Assuming that the price will follow the channel in the coming weeks, I'm expecting a move towards the green reversal area. This would also be the area where potential investors will be stepping in again.
However, I'm aware that the current market outlook is overly bullish. So there's a decent chance that the price will never reach this reversal area. In case of a bullish move, I'm looking for a break out of the channel and the re-test following that break out. A positive re-test would be a great signal for the price to continue going up.
Long term bullish target: $20.
Happy trading!
It appears that investors were watching the exact same channel. Since the price touched the upper resistance of the channel, XTZ has seen a bearish move to the downside.
Assuming that the price will follow the channel in the coming weeks, I'm expecting a move towards the green reversal area. This would also be the area where potential investors will be stepping in again.
However, I'm aware that the current market outlook is overly bullish. So there's a decent chance that the price will never reach this reversal area. In case of a bullish move, I'm looking for a break out of the channel and the re-test following that break out. A positive re-test would be a great signal for the price to continue going up.
Long term bullish target: $20.
Happy trading!
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