Tezos Price Analysis: Inverse head and shoulders pattern on the 15 minute chart

• Tezos has recovered around 12% on Friday after falling heavily on Friday.
• There are some bullish patterns on the lower timeframes including an inverse head and shoulders on the chart below.

XTZ/USD 15-minute chart

Tezos has been crushed over the last week or so as general crypto sentiment has weak. On Thursday, XTZ/USD fell over 45% in a massively bearish move as all of the cryptos fell. It was not just digital assets that felt pain as stocks and gold took a dive. It seems like cash is king at the moment with the mighty dollar reigning supreme.

Looking at the chart below, it seems that the Tezos price has formed a big consolidation pattern and morphed into an inverse head and shoulders pattern. This pattern is traditionally bullish but will only be confirmed when the neckline breaks closer to the 2.00 level. Then the target will be the total length of the pattern from top to bottom. At the moment this stands at just over 48%. That does sound like a lot but they are the traditional rules for the chart pattern.