- Tezos rebounded slightly after rising 10% daily.
- Against Bitcoin, Tezos could form a bull flag pattern.
XTZ / USD: Tezos rebounded but remain bearish for the short term
Major Resistance Levels: $ 3, $ 3.9
Major support levels: $ 2.3, $ 2
After this week’s bearish start, XTZ saw a massive 18% decline to a three-week low of $ 2.3. This decline correlated with the Bitcoin decline in recent days.
Today, Tezos has recovered 10% in the past 24 hours. Currently, XTZ is trading for $ 2.6.
Although XTZ is still trading in a descending wedge, we can expect bullish price movement if the wedge breaks up. Currently, however, Tezos is still in a short-term bearish correction.
Tezos-USD Short term price prediction
As we can see on the 4 hour chart, Tezos bounced off the USD 2.3 wedge support followed by a slight break above the USD 2.6 resistance – where the blue area lies. Moving further up from here should allow XTZ to hit $ 3 psychological resistance in the orange zone.
If Tezos breaks above this wedge it will likely head for $ 3.9, the resistance from which Tezos price began to fall in mid-February.
A sharp dip below the $ 2.6 level could trigger a sharp sell-off in the wedge’s support level at $ 2.3. If sellers break the latter, Tezos could hit another weekly low of $ 2 or even $ 1.8.
If we look at the technical indicators we can see that Tezos is slowly regaining momentum in both the RSI and the MACD. Still, Tezos must rise above mid-level for bullish confirmation.
XTZ / BTC: Tezos form a bull flag pattern
Major support levels: 0.00036 BTC, 0.00040 BTC
Key resistance levels: 0.00030 BTC, 0.00025 BTC
After finding support around the 0.00030 BTC level yesterday, Tezos rebounded and is now trading around the 0.000330 BTC level after currently up 6.5%.
Meanwhile, a bull flag pattern is forming on the 4-hour chart which, if a breakout breaks out, could trigger new bullish momentum for Tezos.
Tezos-BTC Short Term Price Prediction
When the bullish flag pattern plays out, the closest resistance to be observed is the 0.00036 BTC level (February 20th high), which is highlighted orange on the chart. A significant move above this level would allow for a nice surge towards the current 2020 high of 0.00040 BTC.
If Tezos rejects below the orange zone, the first support level to consider is 0.00030, which is today’s low. Breaking below this support could sell off to 0.00025.
Currently, the RSI is rising after the price rally. Although the MACD is currently negative, we can expect positive movement once a crossover occurs.
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