The long sequence of red candles in a row shows the bearish channel, but looking in perspective it is clear that XTZ/BTC is in an accumulative formation, indicating a trend reversal.
The MACD histogram is below the zero line, indicating the reduction in bearish momentum, its convergence indicates that a change in trend may be close. The RSI is neutral and can move in any direction. A confirmation would come with the MACD crossing the zero line and the RSI remaining above 50. The prognosis is positive, with the XTZBTC pair alone being worth HOLD, as XTZ is a high-performance blockchain and open source platform for assets and applications, with a strong focus on code security, on-chain governance and decentralization. Tezos 2.0, the next step in the evolution of Tezos, aims to improve scalability (via layer 2), composability, and implement support for mainstream programming languages (such as Javascript, Typescript, Python, and many others).
Next supports: 0.00001772 / 0.00001692 Next resistances: 0.00002031 / 0.00002194
incredible how many red candles continue to pile up on this chart, especially considering that BTC is around 67K ATM. I expect this will not go red for much longer.