Tezos - XTZUSD - Sweet Spot Trade
In last weeks Spaces, I discussed "sweet spot trades".
Tezos (
XTZUSDT) -- prices bounced off of, and showed a clear rejection (support) of $0.65 level, which became the "head" in an upward slanting inverted head and shoulders bottom. This pattern is developing with enough clarity for me to take my first-ever position in XTZUSDT... BUT... until a decisive breakout in either direction, either above the neckline, or below it/below the right shoulder - as a failure (etc. etc.), my outlook is neutral.
I would prefer to be long, and tbh, I would not short this market even if the pattern fails. It is a good pattern to monitor nonetheless.
My goal in December 2023: stay small, don't get greedy - we're trading the highest volatility, most speculative asset class of all time.
Caution #2: Tezos has lagged the larger tokens YTD; thus, sizing down accordingly
As always, this is Not Financial Advice (NFA), Do Your Own Research (DYOR).
#jk
Tezos (
XTZUSDT) -- prices bounced off of, and showed a clear rejection (support) of $0.65 level, which became the "head" in an upward slanting inverted head and shoulders bottom. This pattern is developing with enough clarity for me to take my first-ever position in XTZUSDT... BUT... until a decisive breakout in either direction, either above the neckline, or below it/below the right shoulder - as a failure (etc. etc.), my outlook is neutral. I would prefer to be long, and tbh, I would not short this market even if the pattern fails. It is a good pattern to monitor nonetheless.
My goal in December 2023: stay small, don't get greedy - we're trading the highest volatility, most speculative asset class of all time.
Caution #2: Tezos has lagged the larger tokens YTD; thus, sizing down accordingly
As always, this is Not Financial Advice (NFA), Do Your Own Research (DYOR).
#jk
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