XTZ/USDT | Trend Analysis | Key Levels | Oversold Bounce
Todays Analysis – XTZ/USDT – finding support at a structural level with an oversold bounce.
Points to consider:
- Strong Downtrend
- Bearish PA
- Oscillators below 50
XTZ has found support after an impulse sell within this steep downtrend, further continuation into daily resistance is probable.
However, price action is looking weak and bearish. Even with a relief rally, price will need to reclaim daily s/r and consolidate above the 21 EMA at the least to signify trend reversal.
Failing to hold this support, price is likely to have further continuation into the $1.4 support level – a good place for long-term accumulation IMO.
Oscillators are below 50, this indicates weakness in the market as we continue to tread into oversold conditions.
Overall, in my opinion, further price development will indicate the direction of the next impulse.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Strong Downtrend
- Bearish PA
- Oscillators below 50
XTZ has found support after an impulse sell within this steep downtrend, further continuation into daily resistance is probable.
However, price action is looking weak and bearish. Even with a relief rally, price will need to reclaim daily s/r and consolidate above the 21 EMA at the least to signify trend reversal.
Failing to hold this support, price is likely to have further continuation into the $1.4 support level – a good place for long-term accumulation IMO.
Oscillators are below 50, this indicates weakness in the market as we continue to tread into oversold conditions.
Overall, in my opinion, further price development will indicate the direction of the next impulse.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!