If BTC gets a correction short term XTZ will likely form a nice Inverse H&S pattern. A invalidation of this pattern would be breaking above the neckline without a significant retracement(subjective so be careful) or breaking the low of our 'head.'
Not financial advice
Not financial advice
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Looks like we found the bottom of our right shoulder. Held the support at $1.25 which is also good. We can always turn around but for now I like what I see!
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Don't know how I missed this earlier. This is probably why we're experiencing resistance in this area. I want to make sure you guys know it's there. I've traded through 3-4 of these similar situations specifically on XTZ where it has both a a H&S and Inverse on similar time frames, and they've all followed through bullish. Because of that experience and the similarity to the others I also lean bullish. I won't shy away from selling if we get strong movement down though.
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Getting into decision making territory. Another 12 hours maybe? Up or down? Pretty neutral outlook still with both the looming H&S and inverse H&S in play. Both kind of counteracting each other at the moment. Both of the right shoulders rounding out as well.
I'd say if we can break upward out of the small channel on the right we favor bullish, but the longer we remain inside of it the more likely we'll test $1.25, and that could be a poor ending for the bulls.
I'd say if we can break upward out of the small channel on the right we favor bullish, but the longer we remain inside of it the more likely we'll test $1.25, and that could be a poor ending for the bulls.
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Looking like it's going to take longer as BTC had another false breakout. Might need to see BTC flush down towards $7,800 one more time?
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This setup is looking pretty weak right now. We held support at $1.25 for the moment but I wouldn't be surprised if we break it shortly. $1.2216 is the last stand support for the bulls, and if that breaks the flood gates could open to a large wick down. Only hope I can really see is BTC breaking up soon and XTZ gaining some momentum off of it moving. A rise above $1.35 would have me more interested in this again.
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Gaining some strength back. Looks like BTC decided to break up and took the market with it. I wanna see this break $1.35 still since it could just be a lower high into a lower low.
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$1.40 has finally broken with some strength behind it. I could see this back in the $1.55-$1.65 area fairly easily with how the market is launching alts. Watch for support breaks on BTC 1hr and 4hr for weakness. BTC going down is what would stop this from moving up.