- After the initial push higher some of the cryptos have reversed with Tezos rejecting the consolidation high.
- It seems like the price is headed back toward 1.60 and may even test the trendline.
XTZ/USD 4-hour chart
Tezos is not looking as bullish as some of its counterparts in terms of chart structure. This really showed today as when all of the majors broke out of consolidation zones Tezos just couldn’t manage to make a new wave high. The level just above 1.80 marked by the purple line on the chart held firm and now the price seems to be moving back to the 55 EMA. If the bearishness continues there could be a test of the red trendline and even the orange support zone at 1.4486.
The RSI was in overbought territory for a while when the up move was kicking in but as the resistance held it has now pulled back toward the mid-zone. It seems now the only way Tezos looks to higher levels is more confirmation of making a higher low and pushing above the purple horizontal line. If this move happens with decent volume it would be even better. For now, we must look at lower levels for support.
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