Why get subbed to to me on Tradingview?
-TOP author on TradingView
-15+ years experience in markets
-Professional chart break downs
-Supply/Demand Zones
-TD9 counts / combo review
-Key S/R levels
-No junk on my charts
-Frequent updates
-Covering FX/crypto/US stocks
-24/7 uptime so constant updates
CROUSDT H4: Detailed trade plan BULLS/BEARS (SL/TP)(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: CROUSDT 4hour/candle chart review/outlook
::: currently we are range locked
::: mid-term also BULL MODE
::: stuck in range but targeting 0.18 re-test
::: BULLS will target 18c to complete sequence
::: 0.18 is the strong S/R level re-test required
::: 2 options short-term / BUY/HOLD 10% gains
::: other option is SHORTING from S/R 0.18
::: BEARS will target re-test of 0.16
::: 14% gains possible for BEARS
::: finally, last but not least
::: recommended strategy: BUY/HOLD 16 cents
::: TP BULLS is 25%+ gains BUY/HOLD
::: SWING trade setup / no fast gains here
::: SL is 5% max
::: good luck traders!
🔸 Supply/Demand Zones
::: N/A
::: N/A
🔸 Other noteworthy technicals/fundies
::: TD9 /Combo update: N/A
::: Sentiment mid-term: BULLS
::: Sentiment outlook short-term: BEARS/PULLBACK
Tezos has been consolidating at a low price level for a prolonged period of time, I've seen many traders flip the thesis from long to short to downside of $1.8 level. I think those opinions are valid and I do believe it's a possibility because, this is crypto and Tezos doesn't have its own mind yet. It very much is under the influence of Defi craze and BTC volatility . That said, I haven't actually seen a convincing evidence of further downside on the USD pair yet and here is my analysis of the long term price action.
1) On the first chart, it appears that a clear Elliot Wave has been concluded and we retraced to 0.618 level. This is the standard retracement level.
2) On the second chart, I tried many other things to try to decipher what the market collectively wants. Eventually I land on the modified Schiff pitchfork as it seems to make sense. As we can see the price hasn't breached the upper green to middle line range it operated in since the March crash, although it is knocking at the door aggressively.
If the bulls continue to defend the pitchfork middle line successfully in the next few days we can see price retest the 2.75 level (0.5 retracement) again. Flipping that can trigger bull appetite as it is actually a liquid zone from VPVR analysis.
Can we go lower? Yes. If we do break down from the current pitchfork channel, I don't believe the 0.618 retracement can still offer a strong support - either 0.236 level retracement (~$1.8) or the lower green line from the pitchfork should provide support.
Overall, based on the current price level I am still cautiously long and that's why I gave a long thesis not long ago. Hopefully this analysis provides more insight to your trade decisions.