XTZBTC Long Term Trend Line| Structural Support| Stoch Cross
Evening Trader’s,
Today’s Technical Analysis – XTZBTC- bouncing off from its trend line, an area of significance for the overall market structure
Points to consider,
- Macro trend line holding
- Structural support confluence
- Resistance test sell off
- RSI below 50
- Stochastics buy cross
- Volume below average
XTZBTC is respecting its macro trend line with an initial bounce that needs follow through. This area must hold as it is in confluence with structural support, a break will negate market structure.
The resistance test lead to an impulsive sell off, a correction to local resistance is highly probable
The RSI is below 50, not officially oversold whilst the stochastics has a buy cross at lower levels, indication of momentum shifting.
Volume has been below average for a while; a bull influx at a key technical level will show strength in price action. This is important as failure can run the risk of negating the whole market structure.
Overall, in my opinion, XTZBTC has a high probability of testing local resistance. A break above will confirm the respect of the longer term trend.
What are your thoughts?
Please leave a like and comment,
And remember,
“Trading mastery is a state of complete acceptance of probability, not a state of fight it.”
― Yvan Byeajee
Today’s Technical Analysis – XTZBTC- bouncing off from its trend line, an area of significance for the overall market structure
Points to consider,
- Macro trend line holding
- Structural support confluence
- Resistance test sell off
- RSI below 50
- Stochastics buy cross
- Volume below average
XTZBTC is respecting its macro trend line with an initial bounce that needs follow through. This area must hold as it is in confluence with structural support, a break will negate market structure.
The resistance test lead to an impulsive sell off, a correction to local resistance is highly probable
The RSI is below 50, not officially oversold whilst the stochastics has a buy cross at lower levels, indication of momentum shifting.
Volume has been below average for a while; a bull influx at a key technical level will show strength in price action. This is important as failure can run the risk of negating the whole market structure.
Overall, in my opinion, XTZBTC has a high probability of testing local resistance. A break above will confirm the respect of the longer term trend.
What are your thoughts?
Please leave a like and comment,
And remember,
“Trading mastery is a state of complete acceptance of probability, not a state of fight it.”
― Yvan Byeajee