$XTZ Chart: H1
Current Market Situation: Consolidation
Potential Market Trend: Unknown
Expectation: Re-entry of a buy order way below the current market price within the zone of the previous entry point.
TECHNICAL ANALYSIS
1. Chart Patterns: M-and-W Patterns, Support-and-Resistance
2. Moving Averages: EMA with a period of 10 set to close.
Conclusion:
Bullish sentiment has lost momentum resulting in market consolidation.
Mixed reaction occurs due to disparities between views on the daily and on the H1 charts.
Although the daily still points to a potential buy (in the long run) as price still remains within its PRZ (potential reversal zone), the hourly indicates that the buyers are losing steam and their authority is being challenged.
Recommendation:
Because price is consolidating and no one who loves his or her money should PREDICT if the market will break the consolidation above or below, the most ideal thing is to wait for the market to decide and watch out for any of these scenarios before buying:
1. A potential re-entry of a buy below the current price within the zone where price first closed above the EMA on the H1 and within the PRZ (Further analysis still required before the actual decision. Just know that itâs a potential re-entry point).
2. Enter a buy order as soon price breaks above the consolidation and then retest the resistance (break and retest)
Warning:
For those trading on leverage, donât assume a straight sell because I said buy when the price falls and so you expect the price to fall. DO NOT PREDICT THE MARKET.
Should break further below scenario 1, do further analysis to ensure that even if you place your sell order, it will sell for and not just temporarily.
#MicroStrategy #CPIAlert #CryptoTradingGuide #BinanceTournament #XTZUSDTđ