BIT

Tezos (XTZ) Analysis: Triangle Breakout With An Incomplete Confirmation

  • XTZ gave a triangle breakout on January 6, 2020
  • XTZ faced immediate resistance, and the trend weakens on January 7, 2020, forcing the coin to take support from the support line 

XTZ/USD gave a triangle breakout on January 6, 2020, after consolidating for a week. Currently, it seems that the coin is returning to retest the support line. The bulls came in action from $2.00 levels but took the breather at $2.667 levels(the upside of 33%). If the coin sustains the level, it might smash the resistance of $2.68 and head for the next resistance of $3.00. The 24 hour volume and market cap are $140,310,711 USD and $1,851,640,813 USD. 

TEZOS (XTZ) / DOLLAR: A DILEMMA AMONGST THE TRADER – GO LONG OR SHORT?

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XTZ/USD gave two triangle breakouts in a week, first on January 2, 2020, and second on January 7, 2020. The three white soldiers confirmed the first breakout and widening Bollinger Bands(10), indicating a rise in volatility. The second breakout was the fourth, and so far the last green candle of the rally which faces resistance at $2.67 levels and the coin tested the support of 10SMA (median of Bollinger Bands) 

The Relative Strength Index crossed 50 levels with the breakout signalling bullish strength. The signal line faced resistance at the 70 levels and may take support at 57 levels. 

MACD(8, 21, 5) signalled a buy signal with the first breakout within a few days. It gave divergence, which made the traders cautious and initiated a reversal in the trend.

Conclusion  

The coin is currently retesting the supports and may move up after sustaining at this level. The next resistance levels lie at $2.7 and $3.00. The immediate support is at $2.2 and $2.00. 

Support: $2.00 and $2.2

Resistance:$2.7 and d$3.00 

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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