H&S on the Weekly

2021年2月8日

XTZUSD is forming a pretty clear Head and Shoulders pattern on the weekly timeframe. As much as I'm hoping it does not confirm this pattern (we still have 6 days left in the candle), I'm not super confident it will break out. The one fundamental that I think could push it out of the right shoulder is their planned bridge to DeFi, and the bringing of around 20 ERC-20 tokens to the blockchain. That could drive a significant price increase, but I'm not sure when that is planned for release or if it will get the attention it deserves.

If we can't close above the 3.40-3.50 range I could very much see a retrace back to the 1.80-2.00 level.

Keep an eye on this one.

2021年2月9日

註釋

Currently breaking upward out of the right shoulder. Let's hope this invalidates!

2021年2月12日

註釋

Invalidated pattern so far as we are above the head at 4.70.