XTZ is one of the coins that require advanced TA...gotta say it's never straightforward but fascinating.
The recent pull down may look like a crash but upon close look it's found perfect support of at the pivotal point of confluence around 0.000297btc.
This level, I believe, defines bear/bull trend. The reason is
1) 6 hour TD sequential 9 on Jul 26th provided this last point of support, breaking this we saw intense sell off which took more than 1 week of Wyckoff accumulation pattern to get out. I have published that idea back then.
2) If we draw the uptrend line colored black, this is the where the price action falls right to.
I must say this intense sell off of XTZ was not expected from me, but at least it did find support here (temporarily and contingent on BTC not acting up). If we do not dump further, then we can identify a bullish Gartley pattern which is a powerful pattern promising of future upside.
The recent pull down may look like a crash but upon close look it's found perfect support of at the pivotal point of confluence around 0.000297btc.
This level, I believe, defines bear/bull trend. The reason is
1) 6 hour TD sequential 9 on Jul 26th provided this last point of support, breaking this we saw intense sell off which took more than 1 week of Wyckoff accumulation pattern to get out. I have published that idea back then.
2) If we draw the uptrend line colored black, this is the where the price action falls right to.
I must say this intense sell off of XTZ was not expected from me, but at least it did find support here (temporarily and contingent on BTC not acting up). If we do not dump further, then we can identify a bullish Gartley pattern which is a powerful pattern promising of future upside.
