Thoughts on XZCBTC
Aggiornato
*Not to be considered as advice for entry.
There's a lot going on in the chart, so here's what I'm looking at.
1. XZC looks to have been correcting since first traded. The highs in 2017 were a .786 retracement of price when first traded. The move also looks very much like a three wave move.
2. Alternatively, we have completed wave one and are either close to completing wave two or it has completed which means we should be looking out for the beginnings of a third wave.
3. There's a possibility it's channeling. Price currently sits just outside of that channel. If the channel is regained with an impulsive move on high volume, I'd turn bullish.
4. Pitchfork connecting significant pivots - price has moved outside of the outer warning line and doesn't look like it wants to re-enter any time soon.
5. I can get a five wave move down but I'm certain there's a number of ways to count it. The pattern we're in right now looks like a descending triangle which could indicate one more leg down.
6. RSI, well check it out.
In conclusion, if we break back into the channel, we could potentially be on the way to at least the median line. Based on fib-time projections, September-19 & April-2020 could be significant dates to look out for.
Keep in mind there's plenty of resistance on the way up.
There's a lot going on in the chart, so here's what I'm looking at.
1. XZC looks to have been correcting since first traded. The highs in 2017 were a .786 retracement of price when first traded. The move also looks very much like a three wave move.
2. Alternatively, we have completed wave one and are either close to completing wave two or it has completed which means we should be looking out for the beginnings of a third wave.
3. There's a possibility it's channeling. Price currently sits just outside of that channel. If the channel is regained with an impulsive move on high volume, I'd turn bullish.
4. Pitchfork connecting significant pivots - price has moved outside of the outer warning line and doesn't look like it wants to re-enter any time soon.
5. I can get a five wave move down but I'm certain there's a number of ways to count it. The pattern we're in right now looks like a descending triangle which could indicate one more leg down.
6. RSI, well check it out.
In conclusion, if we break back into the channel, we could potentially be on the way to at least the median line. Based on fib-time projections, September-19 & April-2020 could be significant dates to look out for.
Keep in mind there's plenty of resistance on the way up.
Nota
Channel looking good.
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