XTZ/USD Medium-term Trend: Ranging

Distribution territories: $1.45, $1.50, $1.55
Accumulation territories: $1.25, $1.20, $1.15

As at the beginning of trading sessions this month, XTZ/USD market valuation has been relatively witnessing short ups and downs within $1.40 and $1.30 price territories. On November 4, the crypto touched very slightly a bit above the $1.35 market line, thereafter, it experienced a short ranging movement along the middle Bollinger Band.

Today, it has once again got a bit higher above the said market line. Currently, the upper Bollinger Band is located a bit above the $1.35 price territory and, price has been hovering around it. The 50-day SMA’s trend-line is now maintaining a near stance with the lower Bollinger Band a bit over the $1.30 territory. The Stochastic Oscillators are now attempting to cross and point south.

That could either lead to a downward price movement or a validation of a consolidation in the XTZ/USD market for a while.

The XTZ/USD market movements still continue within a range that also embodies the Bollinger Bands and the 50-day SMA’s trend-line. Towards the end of the trading sessions yesterday, the crypto faintly rose to touch past the upper Bollinger Band at around $1.35 mark.

Today, it seems to be falling after briefly seeing a short high of around $1.38. Price has been presently fluctuating between the upper Bollinger Band and the conjoined middle Bollinger Band with the 50-day SMA’s trend-line. The Stochastic Oscillators have crossed to point south after making a deep dip into the overbought zone to suggest that there is a potential probability of witnessing lower lows than lower highs.

Traders should be cautious of either bears’ or bulls’ trap.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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