4-Hour Timeframe
Indicators:
12-period EMA
30-period SMA
MACD
RSI
1. EMA crossing above SMA = Bullish
2. Broke below the 12-period EMA , but the 30-period SMA has been holding support.
3. The golden pocket 61.8% fibonacci level has shown support, and price can bounce off this level.
4. MACD and RSI had a bullish divergence last week.
5. We are still in an upward trend - higher lows and higher highs. Respected five separate times.
6. Volume is still holding strong.
Final thoughts:
After being overbought yesterday from major bullish activity, Tezos has retraced back to the 61.8% fib level which is a good area to position yourself for a long. If this level holds, we can see another spike in buying as most signs point to the bulls.
Chainlink(LINK) has exploded these last few weeks and I do believe Tezos(XTZ) can follow a similar spike pattern, but this is an irrelevant observation.
Indicators:
12-period EMA
30-period SMA
MACD
RSI
1. EMA crossing above SMA = Bullish
2. Broke below the 12-period EMA , but the 30-period SMA has been holding support.
3. The golden pocket 61.8% fibonacci level has shown support, and price can bounce off this level.
4. MACD and RSI had a bullish divergence last week.
5. We are still in an upward trend - higher lows and higher highs. Respected five separate times.
6. Volume is still holding strong.
Final thoughts:
After being overbought yesterday from major bullish activity, Tezos has retraced back to the 61.8% fib level which is a good area to position yourself for a long. If this level holds, we can see another spike in buying as most signs point to the bulls.
Chainlink(LINK) has exploded these last few weeks and I do believe Tezos(XTZ) can follow a similar spike pattern, but this is an irrelevant observation.