[XTZ/USDT] Tezos technical analysis (by @acesontop demand)

LeoFinance
2 months ago
(edited)
3 Min Read
538 Words

Adrian (@acesontop) asked me for a Tezos ($XTZ) technical analysis on my last post. And that's it, I'm going for it :)

I never actually researched the project from a fundamental standpoint nor I'm interested (as it ranks very high in mcap for my personal taste, not saying this is a good/bad project per se).

Without further delay, let's go with the TA.

I'll be doing first a general macro view with the 3D & Weekly timeframes.


XTZ/USDT

tezos3d.png

Like most other coins, XTZ did a massive run-up since his late 2020 lows. Started January at 2$ and ended up peaking at around 7,5$ in early May. Has corrected a ~60% since the top and currently sits at 2,8$/ XTZ.

As a sidenote, mention that the 200 MA is acting right now as a resistance, but hasn't been tested yet and could be perfectly a bear trap.

The volume also dried up a lot between June-July, so a 'big move' should be happening soon (let's pray for the upside).

MA's and Volume are good indicators, but personally, I prefer to look for the 'demand zones':

old demand.png

This area around 2-2,5$ / XTZ it's where Tezos found the current floor and managed to hold above it.

Personally, I wouldn't expect to hit that zone again (low 2's) IF Bitcoin holds the 30K$. If Bitcoin shits into their pants... well. Won't be funny, my dear Adrian ^^.

MACD & RSI.

macd3d xtz.png

The MACD looks very similar to the AVA one. However, it feels a bit furry. Could be because Tezos attracted much more attention Vs. AVA, and when whales play their mental games charts stop making the same sense sometimes. However, no biggie.

The 3D crossover is in play and will happen sooner or later (sooner, sooner!). Let's see what kind of bounce we see, but a would expect a +30-40% move as it did in october before further consolidation.

tezos weekly rsi.png

The weekly RSI tells the same story. Consolidation levels not seen since late October 2020 and the March 2020 flash crash. Not a bad place to load up, If you're holding long-term ofc :)


Conclusion

Absolutely all the alts and Bitcoin are showing the same pattern. It's a 'live or die' zone which can yield an amazing +40% trade if plays out like the last time but If for whatever reason BTC won't hold things will get ugly pretty fast as I stated before (not need to be a genius to know that).

However, I believe that after 2-3 months of downside price action is 'normal' to expect some kind of bounce (what I guess didn't happen yet). This situation unfolds the opportunity the load up at 'generational bottoms' inside the bull market.

That basically means that you won't (possibly) be able to load up again at these prices until the next major correction AKA bear market.

Thanks for reading! In case you're buying motivated for this post, remember to always keep some spare cash available in case it goes down further. Always remember to DCA in/out to better spread the risk and sleep better at night.

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