Tezo's Broken Trendline

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If you haven't seen the updates on my last XTZ thread, I got out at the $3.20 area for a slight loss on my re-entry but overall it was a hugely profitable position trade. My concern has always been that we could go down to as much as $2. Which Tezos now seems poised to do. I was reluctant to sell my last position because of the massive profit we already had and that we could give it some room because of that. But also because we had some bullish indicators on other cryptos and the market as a whole. This was proving true up until the last 24 hours when everything changed. And that's how crypto goes. Things can change in the blink of an eye.

Now we have decisively pierced this trendline, MACD is sloping downward and RSI is also going downward. Not a pretty picture at this point.

i will look to re-enter around $2, same target as before.

Cheers,
-Sherem

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Pierced the $2.75 level, not looking good for a rebound at the moment.

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i still anticipate this to go down, here''s a little more chart detail:

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Brace yourself's, we break $2.5 and we will go down hard. And that's where I will be, sniping this $1.75-$2 area.

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Be wary folks, the classic crypto ascending triangle that appears its going to break up and fails. Don't be surprised if we bust this soon and head lower.

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Still looks like we could go down. We could just be forming a massive flag to the downside to complete wave 4. I do like the bottoming action forming here but not enough to go long quite yet since the rest of the pairs look weak still.

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If we go back to my original idea here, we should find support at this zone I outlined. The whole market is in panic mode, things need to die down a bit first but we should find some support at these levels