On February 10, the price of XTZ broke out of the long-term resistance area. It continued to rise for 10 days, and reached a high of 4,053 satoshi. Prices have been declining since then.
Tezos price highlights (XTZ)
- The price broke out of a long-term resistance area.
- Price is trading inside a symmetrical triangle.
- The daily and weekly RSI are rising.
- XTZ can reach new all-time highs.
Trader Tehcryptogoy outlined a discount model for XTZ and predicts the price will drop to 2,200 satoshi. He suggested traders enter the short order when the price breaks below the support of 2,850 satoshi.
Still think $ ALTS kinda lagging with there dump in correlation with $ BTC.
Alarms set for a break of 2845 for $ XTZ
to short it pic.twitter.com/c7hViqa9M8
– mork tehcryptogoy 💆♂️ (@tehcryptogoy) March 9, 2020
Does XTZ price fall below the support zone? Join us to learn through the chart below.
Looking at the daily chart, it seems that prices are trading inside a symmetrical triangle rather than a head and shoulders pattern (H&S), as stated in the tweet. This is especially true because the price created a long lower shadow on March 9, which makes it difficult for the head and shoulders pattern to form.
The daily RSI has created a hidden bullish divergence. A breakout that moves along the entire height of the model will cost up to 4,400 satoshi. Because the symmetrical triangle is a continuation pattern, and it appears in an uptrend, a breakout up will be expected.
However, if something goes wrong, the next support area is found at 2,500 satoshis.
Daily XTZ / BTC chart | Source: TradingView
Long term chart
The weekly chart is also advocating further upward. The 2,500 satoshi level could act as a long-term support area, after the price breakout above it on February 10.
Therefore, as long as the price stays above this level, its long-term trend is still considered bullish.
The weekly RSI is in the overbought zone, but has not yet created any sort of bearish divergence. Therefore, a breakout from the symmetrical triangle is possible and the price will continue to rise further in the near future.
Weekly XTZ / BTC chart Source: TradingView
The price of XTZ is trading inside a symmetrical triangle which we believe will breakout above it. The original target was found at 4,400 satoshi. We do not deny the possibility that prices will continue to rise further.
You can see the price of XTZ here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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