Is Tezos’ XTZ price the right crypto to hodl?
- Traders who partook in this month's bullish trade setup have witnessed a 15% profit.
- Tezos has printed a bullish engulfing candle following a retest of the daily trend.
- Invalidation of the bullish thesis is a breach below $1.44.
Tezos XTZ price shows reason to believe in more upside gain. Traders should stay with the counter-trend ascension until more evidence suggests otherwise.
Tezos XTZ price currently trades at $1.76. Traders who partook in this month's bullish trade setup are currently seeing a profit of 15%. Although the market may be somewhat skeptical of the cryptomarkets' uptrend, Tezos price does not show any evidence to believe in a short-term bias. Stay with the newly established ascending trend line until it is breached.
Tezos price does not show bearish divergence on the Relative Strength Index. Additionally, the Volume Indicator is questionable, but it does not signal a confident pattern to justify opening a short position. When combined, it is best to stay with the countertrend, move to the upside or avoid the XTZ price entirely.
Invalidation of the uptrend scenario is a breach below $1.44; If the bulls breach this level, they may be able to re-route lower towards $1.24, resulting in a 20% decrease from the current XTZ price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
