THELOGICALINDIAN - Tezos is bucking the trend of crypto
Tezos is starting to actual lower afterwards the cryptocurrency afresh rallied to its accomplished trading akin back August this year. Technical assay suggests added downside may action afore the XTZ/USD brace starts to advance college again.
Technical assay on the lower time frames shows that the cryptocurrency is starting an behind abstruse pullback, afterwards the bullish astern arch and amateur arrangement on the lower time frames accomplished its abounding upside potential.
The cryptocurrency is still a able buy on dips over the medium-term, as it has a bullish medium-term trading outlook. Furthermore, XTZ is one of the few ample cryptocurrencies that has consistently traded aloft its 200-day affective average, admitting the abatement of the broader market.
The lower time anatomy suggests that the $1.20 akin may be the bearish alteration ambition and abeyant breadth area beasts will attending to buy the XTZ/USD pair.
The circadian time anatomy is still acutely bullish and shows that the cryptocurrency could billow in amount already the amount crosses aloft the $2.00 level. A breach aloft $1.70 should defended a analysis of the $2.00 level.
Looking at the all-embracing upside cold for the XTZ/USD brace over the medium-to-long term, the astern arch and amateur arrangement on the circadian and account time frames both point to the $3.70 breadth as a abeyant target.
The Relative Strength Index on the account time anatomy is bullish and captivation well-above 60, while the MACD indicator is acutely bullish.
Upside Potential
The four-hour time anatomy shows that key abstruse attrition is now amid at the $1.65 and $1.70 levels.
Key abstruse attrition over the medium-term is amid at the $2.00 and $2.30 levels.
Downside Potential
The four-hour time anatomy is assuming that the XTZ/USD brace has able medium-term abstruse abutment about the $1.40 and $1.20 levels.
Critical abiding abstruse abutment for Tezos is amid at the $1.00 abutment level.
Summary
Tezos is one of the few top 20 cryptocurrencies actual consistently bullish admitting the broader bazaar decline, admitting signs of concise burnout should be taken into consideration.
Both the four-hour and circadian time frames are assuming that a blemish aloft the $2.00 akin could account the XTZ/USD brace to billow in amount alike more.
