Tezos Price Analysis: XTZ is showing bearish technical signals and could break 2.50 again

• Tezos is trading over 1.5% lower as altcoins struggle on Thursday’ session.
• The price has made a new lower high lower low pattern and could be heading south. 

XTZ/USD 4-hour chart

Tezos has had better days and today XTZ has broken some key technical levels. The price has now made a lower high wave on the 4-hour chart below and the support zone of 2.61 has also been taken out and subsequently used as resistance. 

The Fibonacci extension target at the 161.8% area has been hit perfectly and now the price has retraced back to the aforementioned resistance zone. Moving forward if this is to be the 3rd wave in the Elliott Wave series then a break of 2.23 is on the cards.

If that is confirmed then the price could retrace toward the 2.00 psychological level closer to the 261.8% extension. Another bearish signal would be a break of the 200 simple moving average, this would be a confirmation that the price might well hit 2.00. Where the bearishness breaks down is if the resistance at 2.61 breaks back to the upside.