XTZ: These are the most important points to keep in mind!
Hello traders and hodlers! Let’s what XTZ is doing today and do a complete Multi Time Frame Analysis (MTFA)!
In the hourly chart, Tezos is struggling a lot, as the bears are dominating the crypto. It did lose the purple trendline, which was the first sign the trend was going to get weaker, but now it is doing descending tops and bottoms, a trait of a bear market.
Right now, XTZ is doing what it was supposed to do in a bear market: Seeking previous supports. It is very close to the pink line, and the next target would be the blue line around$ 3.21. Beyond this point, there’s the yellow line at $ 3.10.
If XTZ closes above the green line, we’ll see some good rection. Let’s see the daily chart:
Yes, the situation is bearish for Tezos, as it is still trading under the 21 ema. But the good news is that we have a clear support at the purple trendline, and the red line is another important point. If XTZ closes above this level, it will be a good sign in the daily chart.
This is important, because the reaction must start at the hourly chart, by closing above its green line. Then, it might have the strength to close above the red line in the daily chart and do a false breakout from a bearish pivot. All near the support at the trendline.
If XTZ is going up, now is the perfect time for a reaction, and we are going to have our answers quickly, in the next few hours/days.
Either way, let’s see the weekly chart:
Technically, there’s still room for XTZ to drop. It could retest the black line at $ 3.1294, or hit the 21 ema, which is something we don’t see since this bullish engulfing.
My opinion: I’m neutral on XTZ, and I’ll only be bullish if we see the reaction mentioned above. I’m skeptical about a further drop to meet its supports at the weekly chart, but I don’t discard this scenario. Therefore, I’m neutral, at least for now.
And if this idea helped you, please, support it! And I invite you to follow me to keep in touch with my daily analyses!
In the hourly chart, Tezos is struggling a lot, as the bears are dominating the crypto. It did lose the purple trendline, which was the first sign the trend was going to get weaker, but now it is doing descending tops and bottoms, a trait of a bear market.
Right now, XTZ is doing what it was supposed to do in a bear market: Seeking previous supports. It is very close to the pink line, and the next target would be the blue line around$ 3.21. Beyond this point, there’s the yellow line at $ 3.10.
If XTZ closes above the green line, we’ll see some good rection. Let’s see the daily chart:
Yes, the situation is bearish for Tezos, as it is still trading under the 21 ema. But the good news is that we have a clear support at the purple trendline, and the red line is another important point. If XTZ closes above this level, it will be a good sign in the daily chart.
This is important, because the reaction must start at the hourly chart, by closing above its green line. Then, it might have the strength to close above the red line in the daily chart and do a false breakout from a bearish pivot. All near the support at the trendline.
If XTZ is going up, now is the perfect time for a reaction, and we are going to have our answers quickly, in the next few hours/days.
Either way, let’s see the weekly chart:
Technically, there’s still room for XTZ to drop. It could retest the black line at $ 3.1294, or hit the 21 ema, which is something we don’t see since this bullish engulfing.
My opinion: I’m neutral on XTZ, and I’ll only be bullish if we see the reaction mentioned above. I’m skeptical about a further drop to meet its supports at the weekly chart, but I don’t discard this scenario. Therefore, I’m neutral, at least for now.
And if this idea helped you, please, support it! And I invite you to follow me to keep in touch with my daily analyses!
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