XTZ appears to be in the midst of a healthy pullback to the uptrend line created over the past month. On the daily, price has just closed above the local downtrend line of the consolidation pattern which suggests that price will, at a minimum, attempt to re test the $5.40 - 5.50 dollar range before likely continuing upwards.
Further support for a future breakout of resistance includes the following: (1) decreasing volume during consolidation (sign of a healthy consolidation), (2) intact up trend line, (3) price consolidation above the key support level of $4.53.
I will be looking to enter the market around $4.60 with a stop loss just below and a first price target around $5.30 (just below the prior swing high).
Further support for a future breakout of resistance includes the following: (1) decreasing volume during consolidation (sign of a healthy consolidation), (2) intact up trend line, (3) price consolidation above the key support level of $4.53.
I will be looking to enter the market around $4.60 with a stop loss just below and a first price target around $5.30 (just below the prior swing high).
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