I just post this as an update to my last idea because I have not figured out yet how to update an already published Idea with new drawings on the chart:
So.... as we can see the chart kept it's promises and Tezos is now chewing away on the neckline of our inverse h&s pattern after a strong move up in the last phase of the right should and overbought RSI levels at the moment.
from here on two scenarios come to my mind which are projected by either the blue or red arrows on the chart:
if we use the fibonacci extension tool to estimate further growth and if we assume that the current resistance of the neckline can be taken out, the perfect scenario in my eyes would be a pullback from the 1.0 fib-level (small blue box) and retest of the neckline as support before expanding price range to the projected target of the 2nd elliot wave and upper zone of the uptrend channel (big blue box).
If resistance holds on the neckline I'd expect Tezos moving in the range of an ascending triangle between recent resistance - now turning into support - and the neckline (projected by the red arrows).
I don't know if I really have to mention this but this is not even close to beeing financial advise, rather just my wild phantasies of having the knowledge to make any educated guesses on market movements or maybe just drawing funny lines on colorful pictures....
Feedback is always welcome!
So.... as we can see the chart kept it's promises and Tezos is now chewing away on the neckline of our inverse h&s pattern after a strong move up in the last phase of the right should and overbought RSI levels at the moment.
from here on two scenarios come to my mind which are projected by either the blue or red arrows on the chart:
if we use the fibonacci extension tool to estimate further growth and if we assume that the current resistance of the neckline can be taken out, the perfect scenario in my eyes would be a pullback from the 1.0 fib-level (small blue box) and retest of the neckline as support before expanding price range to the projected target of the 2nd elliot wave and upper zone of the uptrend channel (big blue box).
If resistance holds on the neckline I'd expect Tezos moving in the range of an ascending triangle between recent resistance - now turning into support - and the neckline (projected by the red arrows).
I don't know if I really have to mention this but this is not even close to beeing financial advise, rather just my wild phantasies of having the knowledge to make any educated guesses on market movements or maybe just drawing funny lines on colorful pictures....
Feedback is always welcome!
