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Wednesday, September 16, 2020

Short Term accumulation zone and long term trend

Short Term accumulation zone and long term trend

XTZ/USD COINBASE:XTZUSD

With strong fundamentals in the background as far as news and usage goes (although I don't trade either of those), Tezos has been trading in a common accumulation range before previous spikes up, as you can see by the volume profile and historical movement.

While it can break either way or keep ranging, it's maintaining the long term trend line (s) support while ranging. Right now, BTC is bullish , and one possible scenario is that BTC takes a pause and XTZ makes it's move back up to possible resistance around $3ish, since crypto moves in rotations. Must break 2.75 at a minimum first though.



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