Tezos corrects lower after the crypto rallied to its highest trading level since August this year and shows s a bullish short-term and medium-term trading outlook as we can see in the tezos news today.
The four-hour time frame shows that there is a possible reversal trend that could start soon if Tezos corrects above the current low and avoids the large bullish pattern forming. The technical analysis shows a bigger downside occurring before the XTZ/USD pair starts to push higher. Also, the lower time frame analysis shows that the cryptocurrency starts an overdue technical pullback and the inverted head and shoulders pattern on the lower time frame could reach its upside potential.
The cryptocurrency is still buying the dips in the medium-term and has a bullish medium-term trading outlook. XTZ is one of the altcoins that have a consistent trading action, trading above its 200-day moving average despite the decline of the broader market. The lower time frame shows that the $1.20 level could be bearish correction target level and the bullish area is looking a pass to enter the buy zone of the xTZ/USD pair.
The daily time frame is still bullish and shows that the altcoin could surge in value once the price gets over the $2.00 level and a break above $1.70 could secure a test of the .
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00 level. By looking at the overall objective for the pair, the inverted head and shoulders pattern on the daily time frame points to the $3.70 area as a potential target. The Relative Strength Index is still bullish is holding above 60 while the MACD indicator is quite bullish.
The four-hour time frame shows that the XTZ/USD pair has a strong medium-term technical support around the $1.40 and $1.20 levels and the critical long-term technical support for Tezos is located at $1.00 support level. Tezos is one of the top 20 cryptocurrencies that remain bullish despite the broader decline on the market though there are a lot of short-term exhaustion elements that should be taken into consideration. Both the four-hour and daily frames show a strong breakout above the $2.00 level which could cause the XTZ/USD pair to surge in value further.
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