COIN NAME: #XTZ/USDT
$XTZ Trade setup: Price is in a downtrend but broke out bullishly from a falling wedge pattern above $0.55 resistance, signaling a potential temporary bullish reversal with +20% upside to $0.70 resistance. Stop loss at $0.48. This is a riskier trade due to the trend reversal against the overall downtrend
Patterns: A falling wedge typically leads to a bullish breakout. After breaking the upper trendline, the price is expected to rise. Emerging patterns can be traded by swing traders between convergence lines, but most traders should wait for a breakout before placing a BUY order.
Nearest Resistance: $0.70, then $0.85.
Trend: Short-term down, medium-term strongly down, long-term strongly down.
Momentum: Bullish but weakening. MACD Line is above the Signal Line, but declining MACD Histogram bars suggest momentum may be peaking. RSI-14 shows the price is neither overbought nor oversold (30 < RSI < 70).
Support: Nearest support at $0.50.
