2019-11-8 18:05 |
Tezos now has a bullish short-term and medium-term trading bias The four-hour time frame shows that large inverted head and shoulders pattern has formed The daily time frame highlights and an even larger bullish pattern
Tezos has made major strides this week, with the cryptocurrency rallying to its highest trading level mid-August and gaining well-over thirty percent in value since the start of November.
The rally has pulled back sharply from a high of $1.25, although the XTZ / USD pair is starting to stabilize around its 50-day moving average for the first time in nearly three months.
Positive signs had started to emerge earlier this week after the cryptocurrency exhibited bullish price-action and performed a series of daily price closes back above its 200-day moving average.
The four-hour time frame shows that the XTZ / USD pair is starting to trade around the neckline of the bullish inverted head and shoulders pattern, with a $0.35 upside projection.
If bulls can start to ignite the bullish pattern, the XTZ / USD could eventually rally towards the $1.50 level and add a further thirty percent to its trading value.
Interestingly, the daily time frame highlights an even larger inverted head and shoulders pattern, with the neckline of the pattern located around the $1.95 resistance level.
Short-term analysis shows that dip-buying is now favored. Buying technical pullbacks towards the $1.00 support level is favored to initiate long positions. Only a sustained breach under the $0.90 level can negate the overall bullish outlook towards Tezos.
According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Tezos is bullish, at 88.00 %, while the overall long-term sentiment towards the cryptocurrency is also bullish, at 75.00%.
XTZ / USD H4 Chart by TradingView Upside Potential
The four-hour time frame shows that a large inverted head and shoulders pattern has formed, with the $1.15 level acting as the neckline of the bullish pattern.
Key technical resistance for the XTZ / USD pair above the bullish pattern is currently located at the $1.25 and the $1.55 levels.
XTZ / USD Daily Chart by TradingView Downside Potential
The four-hour time frame is showing that the XTZ / USD pair’s 200-period moving average on the four-hour time frame is currently providing the strongest form of short-term technical support, around the $0.90 level.
The daily time frame shows that the $1.00 level offers strong technical support and remains a key area that sellers may attack to prompt a stronger decline.
SummaryTezos shows tremendous upside potential over both the short and medium-term. Bulls now need to stabilize the cryptocurrency above the $1.15 level to secure further gains.
The XTZ / USD pair could add a further thirty percent to its value if it reaches its overall upside objective.
Check out the basics of Tezos in coin guide.
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