[ad_1]
- The Tezos remain bullish in the short term, the XTZ / USD pair breaking above a triangle over a four-hour period
- The daily calendar also shows that a bullish escape from a triangle is underway
- The broad head and shoulders reversed structure on the daily schedule has reached its overall goal of improving
Tezos / USD Short Term Price Analysis
Tezos has short-term bullish trading prospects, with cryptocurrency trading at its highest level since Nov. 16th, 2018.
A bullish break above a triangle pattern occurred during the four hour period, the pattern indicating an additional upside opportunity for the XTZ / USD pair.
The technical indicators on the four-hour time frame are on the rise and continue to emit a bullish trading signal.
Chart XTZ / USD H4 (Source: Trading View)
Model watch
With the escape of the triangle at stake, November 16thThe peak of 2018 currently offers the strongest form of technical resistance above.
relative strength index
The RSI indicator remains bullish after four hours, although it has reached the overbought territory.
MACD indicator
The MACD indicator remains bullish over a four hour time interval, the MACD signal line still offering a strong buy signal.
Tezos / USD Mid-Term Price Analysis
Tezos has medium-term bullish prospects. Buyers of XTZ / USD are currently trying to close the daily candle compared to the previous high of 2019.
The daily schedule shows that the inverted upside-down bullish model has achieved its overall goal, with the recent recovery of cryptocurrency extending well beyond the initial target of the model.
The technical indicators over a daily period start to appear excessively tense.
XTZ / USD Daily Chart (Source: Trading View)
Model watch
Traders should note that an even bigger head and shoulders pattern could form if the XTZ / USD pair is located above the November 16th peak.
relative strength index
The relative strength index starts to drop every day, with a bearish divergence of the RSI.
MACD indicator
The MACD indicator of the daily time always generates a buy signal.
Conclusion
Tezos maintains a bullish bias on both time horizons, with the daily calendar pointing out that a further rise to the XTZ / USD pair could create an even stronger uptrend.
In the medium term, 16 Novemberth swing-high will probably create a strong technical resistance, while the RSI indicator on the daily schedule starts to create a bearish divergence.
Check out our Tezos Parts Guide for a quick overview of the project!
Source link
