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XTZUSD to see a downtrend(1D) | Series of HL and LH observed

Short
COINBASE:XTZUSD   XTZ/USD
Market in last 1 week
-XTZUSD saw a downtrend breaking below the midline band
-Price volatility was very high. The market moved ~20.59%, between $3.94 and $3.27

Today’s Trend analysis
-XTZUSD expected to see a downtrend as a series of higher lows and lower highs were observed with Bollinger band squeeze
-Price at time of publishing: $3.63
-XTZ’s market cap: $2.69 Billion
-Oscillator indicators are mostly neutral. RSI at 53
-Moving average indicators are biased towards an uptrend. Ichimoku Cloud is neutral
-Volume indicators saw a decrease in volume as blue candles were observed suggesting a weak buying pressure

Price expected to see a downtrend as a series of higher lows and lower highs were observed with Bollinger band squeeze. Most of the Oscillator indicators are neutral. MACD below the signal line with histogram size decreasing in the negative direction, suggesting a bearish bias. RSI at 53, above the midline still in the neutral region with an up move. CCI is around -30, still in the neutral region. Another interesting point to notice here is that a decrease in volume is observed as blue candles are seen, suggesting a weak buying pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and remaining 11 are oscillators. These indicator values are calculated using 1 D candles.

DM to get details of the above analysis and list of indicators & their values used to arrive at the above conclusion.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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Comments

What's your price target?
+2 Reply
Lots of resistance around 3 to 3.40. Looking for a price move with Tezos starting to enter DeFi. Only thing is if it can handle competition with ETH. I believe break though 5$ is to come with double bottom at 3.30. Same thing happened (double bottom) at 2.70 July 27th and Aug 2nd.
+1 Reply
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
+1 Reply
DM to get details of the above analysis and list of indicators & their values used to arrive at the above conclusion.
Reply
Yoeshi Mudrex
@Mudrex, probably spot on for micro outlook. Could see a retest of 3.50 before the next leg up to $5.
Reply
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