When we zoom into the Tezos v’s Bitcoin (XTZBTC) daily chart we can see how well price is responding to the symmetrical triangle that we discussed yesterday, which in conjunction with the mixed SCMR signals and uncertain market structure confirms the consolidation that the market is currently stuck within. We can also see that mixed momentum and volume indications are adding to the indecision, thus we think the triangle will remain intact over the short-term, however it does appear as though a double bottom might be forming hence our still intact but adjusted ST ProTrade setup.
Short term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.000xxx - 0.000xxx area with a stop just below 0.000xxx and a target of 0.000xxx.
Medium term Members ProTrade - We will consider a LONG position on a continuation down to the 0.000xxx - 0.000xxx with a stop just below 0.000xxx and a target of 0.000xxx.
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