XTZ/USD is having its second rally to $5.4 in April 2020
The bulls successfully broke the $3.0 resistance with confidence volume (higher than a VMA(60)).
The strong uptrend momentum is likely on the bull's hand now.
Using Fibonacci, the 1st target is $5.3-$5.6.
Following a similar timeframe and buying power of the first rally, XTZ can reach $5.3 level by mid of April.
However, two important resistance must be broken first which are at $3.4 and $4.0.
The bears will defend aggressively the $4.0 level.
Buying Setup:
Traders can start to open a long position now with a strict stop loss at $2.8 (slightly below the 61.8% Fibonacci level).
It gives a risk to reward ratio of -13.5% loss over +64% profit, based on the current price at $3.24.
DISCLAIMER:
This is not financial advice.
Risk is on your own hand.
The strong uptrend momentum is likely on the bull's hand now.
Using Fibonacci, the 1st target is $5.3-$5.6.
Following a similar timeframe and buying power of the first rally, XTZ can reach $5.3 level by mid of April.
However, two important resistance must be broken first which are at $3.4 and $4.0.
The bears will defend aggressively the $4.0 level.
Buying Setup:
Traders can start to open a long position now with a strict stop loss at $2.8 (slightly below the 61.8% Fibonacci level).
It gives a risk to reward ratio of -13.5% loss over +64% profit, based on the current price at $3.24.
DISCLAIMER:
This is not financial advice.
Risk is on your own hand.