XTZBTC Range Support| Bullish PA| .618 Fibonacci|S/R Flip Retest

22 Tem 2020Evening Traders,

Today’s analysis – XTZBTC – reclaiming its range, a retest of support will allow for a long entry with defined risk.

Points to consider,
- Immediate trend bullish (consecutive higher lows)
- Range support confluence (.618 Fibonacci)
- Range resistance target
- Oscillator neutral
- Volume below average
- Long retest (risk defined)

XTZBTC’s immediate trend is bullish with consecutive higher highs and higher lows. This gives us a bias that any impulse sells and oversold conditions are for buying.

The range support is a key level that has been reclaimed; price is likely to retest this level as it is in confluence with the .618 Fibonacci. Range resistance will be the immediate target, breaking this level will be very bullish, continuing the trend.

Oscillators are both neutral, remaining above their respective 50 level; this indicates bullish momentum in the market.

The immediate volume is below average, this must increase for continued follow through, price action needs to be back with conviction.

Overall, in my opinion, XTZBTC is probable to retest local support which will allow for a long entry with defined risk.

Price action breaking below range support will negate the trade.

What are your thoughts?

Thank you for following my work!

And remember,

“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.” ― Yvan Byeajee