Tezos Price Analysis: The bottom of the channel could get tested
- Tezos trades over 7% lower as Monday's crypto sell of bites.
- The price could test the lower bound of the channel.
XTZ/USD 4-hour chart
Tezos has fallen around 7% on Monday but the structure of the chart still looks bullish as the price makes higher highs and higher lows on the 4-hour chart. It seems if there is enough momentum the price could test the bottom of the channel. The 55 exponential moving average has been taken out to the downside and the 200 simple moving average still lies in wait. The RSI is also in a negative position as the indicator moved past the 50 mid-line into negative territory.
On the higher timeframe this particular chart pattern looks like a bear flag. So if this breaks to the downside it could mean there is a chance that the sell off could accelerate. The 2.00 level is a psychological support so the price might stall there.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
