*** *** For this particular analysis on TEZOS we are using the XTZUSDT symbol on the Phemex exchange. *** ***
The idea is on the 1D time-frame where Tezos is shown trading within a Channel Down on the log scale. It has been trading below the 1D MA50 (blue trend-line) since April 07 with only one very short exception (June 09/10). The Lower Low of June 18 initiated a rebound that has now yet again made contact with the 1D MA50. On a side note, that was our (achieved) target on our last Tezos trade in May:
We've seen that even a break doesn't constitute a bullish signal. Also the bullish divergence on the 1D RSI (Higher Lows) has failed in the past. We may see a 1D MA100 (green trend-line) test if the MA50 breaks but still, the best buy (on the long-term) can be made if the price breaks above the 1D MA200 (orange trend-line).
See how the Fibonacci levels have acted as Support/ Resistance levels since the October 2021 High. A 1D MA50 rejection targets the -0.236 extension (0.9368) while on the other hand a 1D MA200 break, sets in motion the filling of the retracement levels.