The Tezos XTZBTC chart has price dipping into a major support zone. This is defined by the Long raid of breakout traders inside the pink box. The second is the old high on the left side of the chart that has already acted like support. Bears bots will likely pile in below the horizontal blue line.
Bitcoin Dominance begins July sitting on a horizontal and sloping trend support after spending most of June sideways. A break from sideways movement into a directional movement is very likely this month.
There is noticeable volume action on the RVNBTC recently. The first chart shows 2 key things:
After the last low was broken the 2 subsequent dips were bought-up and not sold-down
The recent buy sideways consolidation volume is higher than the previous sideways consolidation lows buy volume
The 2nd chart is zoomed in with 2 key levels noted. Strong support for bulls would see a bounce from the green box. Strength buyers are looking for a breakout above the red box that is converged with the red moving average.
Bitcoin Dominance has had what looks like a nice 3 drives pattern rebound from the 2017 AltCoin bubble. The chart has gone sideways across support(black line) and did a textbook sweep of the breakdown level)pick rectangle).
If Dominance levels stay below the long pink rectangle a textbook 3 Drives retrace would land the percentages somewhere near the small pink box. This would also mean a healthy altseaon is on the horizon.
The first chart shows the easy retail raid (pink box) is the short term resistance. Above that is a stronger structural long term level at 0.00174
Traders that like to buy into strength will be buying the breakouts of the 2 levels mentioned above.
There is a lot of congruence happening between the left & right side of the chart. To me that shows the market is trying to construct strong support levels. Yes BTCUSD always rules the Crypto market swings, but the effort going into building support is real for now.
The orange box at 0.00115 is support. If the current retrace holds into that box and then bounces with increasing volume bulls will push hard on the next leg for a ride you’ll want to be on.
Bears will be hoping that the wonky looking Head and Shoulders will play out on BinanceCoin. If so the red colored block is the first strong support level.
The pink rectangle is the current support bock. Price has bounced off both the support block and the diagonal sloping support in recent months. Bulls will likely bid the pink block and long a breakout of the blue block that is providing temporary resistance.
Bernard Baruch famously said “Nobody ever lost money taking a profit.” With that in mind we take a look at ZIL and update the market outlook. Back on May 13th we noted the strength of the market in this article here:
Since then the price had a (rough numbers) 10% correction followed by a 100% rise. Based on the factors of resistance right now taking partial profits isn’t the craziest idea in the world.
Approaching the Future
Considering the resistance factors you could bank some gains and keep some free coins if you think the market has further to go. You could average out and buy dips with parts of your profit. Or just hold for moon sir. Etc Etc Etc.
One of the most common mistakes of traders that get blown out is that they fail to secure their capital. They hold past highs and back down through their breakeven point because “it will bounce”. Do as you wish, but make sure you don’t regret your risk management decisions after a good trade.
Disclosure. The author does have a small bag of ZIL.