XTZ/USD - At resistance, can we push beyond $5?
XTZ finally did a nice pump after doing nothing for half a year...
Now we find ourselves at this resistance area around $5 where I find it a bit unlikely for XTZ to push higher directly, we may need a bit of refueling here before we can exit this massive channel.
Goin above this channel would be extremely bullish, but that is still to be confirmed, last two times we were this high we corrected down more than 60%. So do NOT FOMO here... nope. FOMO if we break this channel resistance. What I mean is going beyond $5.5 and pushing hard with volume.
Best approach now... is to do nothing and simply wait for price action to develop. If we are spanked down, then yeah, try again in one year. :P
Indicators are looking bullish, but overextended, maybe another push, hard to say. Keep a close eye. If you have a stack on XTZ, good to secure some profit here to not lose it all.
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Now we find ourselves at this resistance area around $5 where I find it a bit unlikely for XTZ to push higher directly, we may need a bit of refueling here before we can exit this massive channel.
Goin above this channel would be extremely bullish, but that is still to be confirmed, last two times we were this high we corrected down more than 60%. So do NOT FOMO here... nope. FOMO if we break this channel resistance. What I mean is going beyond $5.5 and pushing hard with volume.
Best approach now... is to do nothing and simply wait for price action to develop. If we are spanked down, then yeah, try again in one year. :P
Indicators are looking bullish, but overextended, maybe another push, hard to say. Keep a close eye. If you have a stack on XTZ, good to secure some profit here to not lose it all.
Like and follow if you liked this idea. Also join my crypto community to stay in touch!
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