This chart provides a Tezos (XTZ/USDT) analysis on the weekly timeframe, highlighting a potential bullish breakout. Here’s a breakdown of the setup:
Key Observations
Falling Wedge Breakout:
The price has broken out of a long-term falling wedge pattern, which typically signals a bullish reversal.
This breakout marks the end of consolidation and indicates a shift toward upward momentum.
Support and Resistance Levels:
Current Zone: Around $1.045, which serves as a critical re-test area after the breakout.
Targets:
T1: $1.658 – Initial target based on historical resistance.
T2: $2.064 – Mid-term target aligned with previous swing highs.
T3: $2.394 – Longer-term resistance zone.
Projected Path:
After the breakout, the price is expected to re-test the wedge's upper boundary (currently $1.045).
A successful re-test could pave the way for a gradual rally toward higher levels, with potential consolidation phases along the way.
Volume and Momentum:
The breakout candle indicates strong momentum. Sustained volume will be crucial to validate the continuation of this trend.
Outlook and Considerations
Bullish Scenario: Holding above $1.045 and gaining momentum could drive the price to $1.658 and beyond.
Bearish Risks: Falling below the re-test zone ($1.045) might invalidate the bullish setup, leading to renewed selling pressure.
Key Observations
Falling Wedge Breakout:
The price has broken out of a long-term falling wedge pattern, which typically signals a bullish reversal.
This breakout marks the end of consolidation and indicates a shift toward upward momentum.
Support and Resistance Levels:
Current Zone: Around $1.045, which serves as a critical re-test area after the breakout.
Targets:
T1: $1.658 – Initial target based on historical resistance.
T2: $2.064 – Mid-term target aligned with previous swing highs.
T3: $2.394 – Longer-term resistance zone.
Projected Path:
After the breakout, the price is expected to re-test the wedge's upper boundary (currently $1.045).
A successful re-test could pave the way for a gradual rally toward higher levels, with potential consolidation phases along the way.
Volume and Momentum:
The breakout candle indicates strong momentum. Sustained volume will be crucial to validate the continuation of this trend.
Outlook and Considerations
Bullish Scenario: Holding above $1.045 and gaining momentum could drive the price to $1.658 and beyond.
Bearish Risks: Falling below the re-test zone ($1.045) might invalidate the bullish setup, leading to renewed selling pressure.
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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.
Subscribe to my Telegram Channel 👉 :
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t.me/addlist/y5mi70s3c0Y3MDQ0
Subscribe to my X 👉 : x.com/VIPROSETR
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.