Tezos prepares for another attempt bovine breakthrough
XTZ has made a bullish breakout of the downward resistance line.
Strong resistance is located at $ 3.05.
Possibly Tezos located at the beginning of wave C of structure A-B-C.
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Tezos speeds up the pace growth from July 5, having made a breakdown lines downward resistance. Now price preparing for new an attempt to test the resistance area of $ 3.05, from which bounced before that.
The Tezos (XTZ) rate began to grow on March 13 and eventually reached a maximum of $ 3.13 on June 2. In the process of establishing the maximum, the price tested the resistance area of $ 3.05 for strength, from which already bounced earlier April 30.
However, on July 5 market bounced off the $ 2.3 support area reinforced by the 200-day moving average (MA) and started growth, which in the end led to the breakout of the aforementioned downward resistance line. The price reached the resistance area of $ 3.05, but pulled back again.
As a result of these dynamics, the daily RSI exceeded the 50 mark and turned this mark into support. it considered a bullish signal and promises the price further growth.
On more short term graphics we can see that XTZ is also moving along the upward support line, which it only tested twice. Besides of this, in the area of $ 2.7 there is support, which previously Today already triggered a rebound in prices.
While the pair is held over this area of support, it will retain the potential for another bullish breakout attempt the above areas of resistance.
Despite the submitted earlier bearish divergence signals, the resulting decline has already been realized.
Cryptocurrency trader @ Glowto1994 recently posted in Twitter, what course Tezos is declining in the direction of support, from where it can reach up to $ 5.
“because of decline bitcoin rollback currency turned out to be stronger than expected and Now the price gives a reaction to the support area. The structure looks unfinished, and I think that this impulse will continue, “he commented..
Indeed, it looks like the price is completing now upward correction A-B-C, being now inside wave C. This wave is represented by an impulsive five-wave structure.
If the wave is widened, the price could undoubtedly reach the $ 5 area. but should not be overlooked by the strong resistance in district $ 4 generated by March and annual maximum. So way, if wave structure will be unfold as predicted, this area will become the first area of resistance.
This forecast will be neutralized if the price drops below the low point of wave B by $ 2.2.
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