I am aware that analysing the market in its current conditions is tricky, but I just can't hold back.
Most of the altcoins are showing weakness with previous movements of
BTCUSDT
and financial market in general. Multiple altcoins and
BTCUSDT
are drawing symmetrical triangles on a 1D timeframe and are in the middle of it which is why I think market can go any direction at the moment. But with
XTZUSDT
the situation is even trickier.
We have two options from here. We are seeing Ascending Broadening Wedge on 1D timeframe and it went to the upper side of the channel according to my previous thoughts. Although, now is a completely different situation and this formation is ending most of the time with bearish movement. As we have been in this pattern for a long time, my thoughts are that we will retest the bottom line of the pattern and go down. I am almost certain that it will not achieve the full potential of the pattern. However, I think we will revisit the bottom line of the trend channel.
The second option is that
BTCUSDT
will not continue the downside movement and we will go to the upper side of the Ascending Broadening Wedge up to the price of 9$. But for me this is not likely to happen. Keep a close look at the hidden bullish divergence on 1D timeframe.
Entry zone of short position: 5.5-5$
Stop-loss: 5.75-6 (as we expect a small upwards squeeze to collect the SLs)
Targets: 4.53 - 3.9 - 3.25 - 2.9 - 2.4 (and 2.1 as an extreme point which is not likely to happen)
Even if I mentioned two options, I am voting for the first one.
This is not a financial advice. Do your own research. These are just my personal opinions.
Good luck.
Most of the altcoins are showing weakness with previous movements of
BTCUSDT
and financial market in general. Multiple altcoins and
BTCUSDT
are drawing symmetrical triangles on a 1D timeframe and are in the middle of it which is why I think market can go any direction at the moment. But with
XTZUSDT
the situation is even trickier. We have two options from here. We are seeing Ascending Broadening Wedge on 1D timeframe and it went to the upper side of the channel according to my previous thoughts. Although, now is a completely different situation and this formation is ending most of the time with bearish movement. As we have been in this pattern for a long time, my thoughts are that we will retest the bottom line of the pattern and go down. I am almost certain that it will not achieve the full potential of the pattern. However, I think we will revisit the bottom line of the trend channel.
The second option is that
BTCUSDT
will not continue the downside movement and we will go to the upper side of the Ascending Broadening Wedge up to the price of 9$. But for me this is not likely to happen. Keep a close look at the hidden bullish divergence on 1D timeframe. Entry zone of short position: 5.5-5$
Stop-loss: 5.75-6 (as we expect a small upwards squeeze to collect the SLs)
Targets: 4.53 - 3.9 - 3.25 - 2.9 - 2.4 (and 2.1 as an extreme point which is not likely to happen)
Even if I mentioned two options, I am voting for the first one.
This is not a financial advice. Do your own research. These are just my personal opinions.
Good luck.