Tezos
Long
Updated

Tezos Top-down analysis

369
Tezos is just an absolute beast, no denying. It has broken up its corrective wedge pattern on the daily and is making a run for the highs again. It's definitely in a possible area of resistance/consolidation based on the fibs but could just blast through it. It is right at the log .618 from the high but has surpassed the .618 on the arithmetic/linear scale. I included the BTC pair in the bottom right to illustrate how it appeared to be making a *potential* head and shoulders and broke that pattern strongly, which is typically a strong buy signal once the right shoulder level is broken.

Also, its basing pattern appears to be similar to Bitcoin and other major alts basing pattern so I think it's possible Tezos is leading here.
Note
If we do see a pullback from here, which would make sense given the fibs, I'd look for a buy around that .382 for another move up snapshot
Note
Fibs really showcasing their predictive power here on Tezos in an absolute textbook wave move. Wave 3 ran perfect 1.618 then we got a perfect .382 retrace for a wave 4, meaning I would expect another wave 5 push up before a correction. snapshot
Note
somewhere around 3.5 i'm thinking snapshot

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.