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TEZOS FORMING A POSSIBLE CUP AND HANDLE

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In this chart of , the coin is forming a possible cup and handle formation,
a bullish pattern in trading. In this idea, I will provide some keys and strategies in trading at this stage. So, stay tuned for the updeates on the idea threads below.

Happy trading and may all of us more profitable this 2024!

註釋

The chart on the wider picture as it shows the prior uptrend or bullish trend of the coin as it now form the pattern and added confidence for it to materialize.

註釋

Looking on the cup and handle detail. I will conside this neckline, which is a diagonal trendline. Also included the pattern label for added information :)

註釋

Saw a rejection on the neckline as the price is continues its bullish trend. I'm seeing the price to go sideways on the resistance and eventually observe a possible breakout. All we have to do is to wait!

註釋

Btw, I'm using logarithmic because of the better clarity of our charts. I also labeled the possible support for the coin as well as the higher high because our oscillators are suggesting a bear divergence but I still have bull bias based on its movement.

What would be my target profit area? Upon charting and backtesting the coin on the daily timeframe, I could see $1.265 as a possible priceline to check. It is originally a support that currently acts as a resistance dating back to late 2022. Refer to the chart below.

註釋

The price had a breakout on the neckline just to go back to the triangle and currently the plotted support is showing conviction as we are waiting for the coin to decide its next major move-approximately less than 24 hours. Refer to my full summary below:

交易進行

Hours ago, I posted a reminder that a move could happen in less than a day and true enough, saw a breakdown on the diagonal trendline. Thus, I entered a short position for XTZ. Currently took first line of profit upon hitting the indicated price which is detailed in the chart below.

The next target would be the 382 Fib area of $1.061. In my view, the cup and handle pattern will not materialize as we saw a possible reversal upon the breakdown.