📈XTZ: pullback and trap by the whales! Should you open a long?

31. Mai 2022

📊Tezos (XTZ) looks stronger than the most of altcoins. After the fall, it almost didn't consolidate and started to grow, which shows high demand.

But a local pullback is possible. How will it happen?

📊The price is now in a triangle and a pullback is possible under the lower boundary of this triangle in order to collect liquidity (stop losses) of long traders below key level $1.76. False breakout return the price in the triangle zone and make short traders, who will open shorts on a breakdown, push the price higher and higher, closing their losing trades.

🚩It's essential to look at volumes. Exactly on the volume indicator we can see the confirmation of our idea. The growth of volumes will show that a large number of trades have been made, which means there is interest from a big player.

✅The first target will be the key level of $2.88.

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P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.