$XTZ The short liquidation indicates bearish traders were forced to exit as the price moved against their positions. This often signals potential momentum in the opposite direction bullish in this case but further analysis is needed.
Technical Analysis.
Key Levels to Watch.
1. Support Levels.
$1.350: Strong immediate support zone. If the price holds above this level, it could provide a good buying opportunity.
$1.300: Major support; a breakdown here could signal further downside.
2. Resistance Levels.
$1.420: Immediate resistance. If broken, it could push the price higher.
$1.500: A significant level where sellers may enter.
Trading Plan
Buy Zone.
$1.350 - $1.365: This is a favorable accumulation zone if the price consolidates above $1.350.
Targets.
1. Target 1: $1.420
2. Target 2: $1.500
3. Extended Target: $1.580
Stop Loss.
Place a Stop Loss at $1.300 to limit downside risk.
Next Move Expectations.
Bullish Scenario. If Tezos holds above $1.350 and breaks $1.420, expect further upside momentum toward $1.500.
Bearish Scenario. If the price breaks below $1.300, it could drop further toward $1.250.
Summary.
Buy Zone: $1.350 - $1.365
Targets: $1.420, $1.500, $1.580
Stop Loss: $1.300
Keep an eye on volume and price action around the key levels to confirm market direction before entering a trade.
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