Evening Traders,
Today’s analysis – XTZUSDT- trading above Local S/R where a pullback is probable,
Points to consider,
- Price action impulsive
- Local S/R Support
(.50 Fibonacci Confluence)
- Swing High Objective
- Oscillators Extended
- Volume Influx
XTZUSDT’s immediate price action is impulsive above Local S/R that has technical confluence with the .50 Fibonacci- this allows us to have a bullish bias.
The swing high is current objective; price action exceeding this level will test Daily S/R
Both oscillators are currently trading over-extended; a reversion to their means is highly probable on a pull back.
The volume profile has a valid influx node, price action needs bull volume follow through to maintain strength.
Overall, in my opinion, XTZUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Gamblers obsess with big potential upside windfall profits. Intelligent speculators obsess with managing downside risk.” Peter Brandt
Today’s analysis – XTZUSDT- trading above Local S/R where a pullback is probable,
Points to consider,
- Price action impulsive
- Local S/R Support
(.50 Fibonacci Confluence)
- Swing High Objective
- Oscillators Extended
- Volume Influx
XTZUSDT’s immediate price action is impulsive above Local S/R that has technical confluence with the .50 Fibonacci- this allows us to have a bullish bias.
The swing high is current objective; price action exceeding this level will test Daily S/R
Both oscillators are currently trading over-extended; a reversion to their means is highly probable on a pull back.
The volume profile has a valid influx node, price action needs bull volume follow through to maintain strength.
Overall, in my opinion, XTZUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Gamblers obsess with big potential upside windfall profits. Intelligent speculators obsess with managing downside risk.” Peter Brandt
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.