Tezos (XTZ) just had a massive spike and surged around 25% in basically just one hour. Coinbase pro just announced they will be listing Tezos and bulls certainly took advantage of it.
Tezos has been in a daily downtrend for months now, this does change the trend momentarily but we have to be really careful since this is only a 1 hour candlestick, bulls need continuation. The volume isn’t great either so there are definitely a lot of red flags. The weekly chart remains in a downtrend, however, bulls are trying to break $1.31 or hold a higher low above $0.82.
The daily EMA’s are looking for a bull cross in the next few days if there is enough continuation and the RSI is not overextended even after this huge move, bulls still have some room too work with. The best bet for the bulls at this point would be a small pullback, form a daily bull flag and confirm it a few days later with enough continuation to break the next resistance of $1.312.
Tezos has been in a daily downtrend for months now, this does change the trend momentarily but we have to be really careful since this is only a 1 hour candlestick, bulls need continuation. The volume isn’t great either so there are definitely a lot of red flags. The weekly chart remains in a downtrend, however, bulls are trying to break $1.31 or hold a higher low above $0.82.
The daily EMA’s are looking for a bull cross in the next few days if there is enough continuation and the RSI is not overextended even after this huge move, bulls still have some room too work with. The best bet for the bulls at this point would be a small pullback, form a daily bull flag and confirm it a few days later with enough continuation to break the next resistance of $1.312.