Nathan_Black

XTZ - Opportunity to buy or bear market?

COINBASE:XTZUSD   XTZ/USD
Hello traders and hodlers! Well, XTZ is doing some bearish movements here, let’s see what’s going on. First, if you are new around here, I invite you to follow me to keep in touch with my analyses. Also, for more deeper content about my trading methodology check my social media / website for more details – links below.

Ok, we see a clear Head & Shoulders chart pattern here, which was triggered recently. But, Tezos is trading inside the support zone, which is the best place for a reaction here. Despite of this, XTZ is in a bear market, with descending tops and bottoms, trading under the 21 ema (which is pointing downwards), and the volume of the black candles are quite high.

Now, the weekly chart:


There’s nothing surprising here. Tezos found a support at its 21 ema , and we will have to wait to see if it will really support the price.

If you want my opinion, I’m very skeptical about anything going on the crypto market right now, and I only see good stuff in the futures and stock market. Either way, I’m not sure if this H&S is strong enough to get XTZ out of this consolidation – only time will tell.

Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume ). Like this idea if it helped.

Thank you very much.

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Comments

Good job
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detailed overview and clean chart. well done. thumbsup.
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Agree, Ichimoku has already showed sell signals (deathcross crossover) and kumo cloud support turned resistance. OBV showing weakness and money pouring of the market:



I can only see ETH as neutral for now (from the top cryptos).

Good luck!
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