Tezos Price Analysis: XTZ is holding just under 1.70 as chart pattern remains intact

• Tezos is trading just above flat after the 1.80 area was rejected.
• There is a chart pattern to watch on the chart below and a break could help determine the future direction. 

XTZ/USD 4-hour chart

Tezos is trading just slightly higher today as some of the majors struggle in a weak session for the crypto world. Since February 19th the price has fallen a massive 58% or so leaving a massive downtrend in place. 

More recently the market has started to make higher lows and the pair avoided trading below parity. Since then the price has converged into a triangle formation as the move recent trend made lower highs and higher lows. 

The pair is now heading toward the apex of the pattern after a false breakout when the price rejected the 1.80 resistance zone. It was then the whole of the crypto market caught a bid and then pared those gains. Currently, the price is testing the 55 4-hour EMA and it seems to be acting as a support zone for now. The zone does confluence with the 1.60 psychological level which has been used in the past. 

Looking forward, a break of this pattern could be significant so keep it in your charts as a reference point.