2020-2-13 22:06 |
On February 11, the Tezos price created a bullish engulfing candlestick that took the price to a new all-time high.
Tezos Price Highlights XTZ has reached a new all-time high. The price is likely in the third wave of a five-wave Elliott formation. There is support at 28,000 satoshis. A target for the top of the third wave is found at 40,000 satoshis.Cryptocurrency trader @TraderLenny outlined a Tezos price chart which shows that the price has reached an all-time high after an 86 percent increase in less than 30 days.
$XTZ | $BTC Update
I didn't perfectly hold it from bottom to top, but still a worthwhile mention that we've got an 86% increase in less than 30 days.
Impressive showing by #Tezos.
A preview of what's to come. pic.twitter.com/LZR9NkUrdF
— Lenny (@TraderLenny) February 11, 2020
How long will this increase continue? What’s the next target for XTZ? Continue reading below if you are interested in finding out.
New All-Time HighThe previous all-time high of 28,250 satoshis was reached on March 31, 2019. The Tezos price moved above this area yesterday and, at the time of writing, it was trading at a new all-time high of 32,100 satoshis. We successfully predicted this increase in our previous analysis.
To be more specific about the rate of increase mentioned in the tweet, the price has increased by 114 percent over the past 27 days — a movement that began once the price reached a low of 14,770 satoshis on January 15.
In the future, it is possible that the 28,000 satoshi area will act as support. However, the price has yet to validate it.
Elliott FormationBeginning in October 2019 with a low of 8790 satoshis, the XTZ price began what looks like the first wave of a five-wave Elliott formation. The aforementioned low on January 15 was likely the end of the second wave.
The recent increase is likely a part of the third wave — which, judging by the length of the first two waves, should reach a conclusion by the end of February.
The top of the fifth wave depends on the high of the third one and the retracement that follows. Therefore, it is to early to make an accurate prediction. However, we can make the assumption that it will be reached in May, in the vicinity of 60,000 satoshis.
In order to find the high of the third wave, we can use a Fibonacci retracement tool from the high on December 13, 2019, to the January 15 low.
The Tezos price has already moved above the target given by the 1.618 Fib level, so the most likely target for the top is now found between the 2.27-2.61 Fib levels, which are at 37,000-40,000 satoshis. As stated in the previous section, this high is expected to be reached by the end of February.
To conclude, the Tezos price has been increasing significantly over the past month, reaching a new all-time high on February 11. We believe this increase is part of the third wave of a five-wave Elliott formation, which could conclude with a high between 37,000-40,000 satoshis.
The post Tezos Reaches a New All-Time High: What’s Next? appeared first on BeInCrypto.
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