- Tezos is over 1% lower on Tuesday as crypto sentiment remains mixed.
- There is a bearish head and shoulders pattern on the 1-hour chart.
XTZ/USD 1-hour chart
Tezos has been looking bullish on the hourly chart making higher highs and higher lows for a while now. Now the chart has produced a pattern which is traditionally been bearish. The head and shoulders pattern is marked by the circles but the neckline needs to be broken to confirm the break.
Looking at some of the other technicals, the relative strength index is also in more of a depressed zone. It is currently holding under the 50 mid-line leaving some room for the downside. The price has also just broken under the 55 exponential moving average, this could also be viewed as a bearish signal.
One thing is for sure if the psychological support at 2.500 is broken there could be some room for a deeper retracement. Beyond that, the 2.00 level could be the next one in play. For this scenario to break the bulls would need to break the 2.8330 level and that would negate the head and shoulders pattern.
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