Tezos/Bitcoin(XTZ/BTC) since its beginning managed to remain within the upper braces and managed to hit its peak during the 2017-18 bull rally. But later with a huge drop, the asset maintained a depleted trend which was not much impacted with the 2021 bull run. Currently, the asset has maintained a very narrow trend since the beginning of Q4 2021 and is struggling to maintain above the support levels.
A huge drop in the volume is also a major reason which keeps the asset swinging below 0.0001 BTC. The asset is expected to continue to hover similarly, yet a short-term relief may be expected in the upcoming days.
The XTZ/BTC faced an extreme plunge in the second half of 2020 which it attempted hard to recover in 2021. But woefully, the asset could manage only to gain the levels less than half of its 2020 highs. Yet the asset did attempt to go higher since the beginning of 2022, yet again scrambled down to maintain a narrow trend. Currently, after heading towards an apex, a notable change in the trend is quite expected in the upcoming days.
|Short Term||The XTZ/BTC is expected to revisit lower regions as the selling pressure is slowly being mounted since the early trading hours|
|Mid-Term||The asset underwent a notable uptrend and is currently on the verge to flip into a bearish trend|
|Long-Term||The price is consolidating heavily and ranging slowly towards the north, testing some crucial levels|
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|Technical Indicators||Value (1Hr / 1D)||Action (1Hr/1D)|
|StochasticRSI(StochRSI)||0.0 / 14.235||Oversold / Oversold|
|MACD(12,26)||0.0 / 0.0||Oversold / Neutral|
|Average True Value(ATR)(14)||0.0 / 0.0||High Volatility / High Volatility|
|Bull-Bear Power||0.0002 / 0.0002||Buy / Buy|
|Moving Average(MA)-50||0.00009939 BTC||0.00009580 BTC|
|Moving Average(MA)-200||0.00009865 BTC||0.00010 BTC|
|Resistance||0.0001 BTC||0.000111 BTC|
|Support||0.00009795 BTC||0.00008742 BTC|
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The XTZ/BTC price appears extremely bearish in both the short-term & long-term. While in the long-term, there are some chances of an uptrend, while in the short-term, the asset is feared to scrape down to lower levels. The Stochastic RSI is entering the overbought region in the short term and after a minor accumulation, the asset appears to attempt for a rebound. While in the long term the asset is on the verge to flip the bearish trend.
Yet the MACD that lowered hard, surged beyond the average levels since the beginning of 2022. After a minor sale, the asset is preparing to accumulate a notable buying volume in the long term, which may assist the price to break through the current consolidation.
Luckily the asset remains highly volatile both in the short-term & long-term irrespective of the direction as indicated by the Average True Range(ATR) that records the market sentiments. Additionally, the Bull-Bear power also remains bullish and hence the asset is expected to recover its losses very quickly.
Coming to the pivot levels, the XTC/BTC price is currently hovering in between the 50-day & 200-day MA levels in the short term, finding an immediate resistance & support levels resp. While in the long term, the asset is testing pivot resistance levels at 200-day MA while 50-day MA is acting as strong support. Once the asset clears these levels, the next stop would be along the resistance mentioned above. While no major probabilities of a pullback are witnessed, the MA levels may hold the price in case of a bearish divergence.
Additional Read: Tezos(XTZ) Price Prediction & Technical Analysis
XTZ/BTC remained pretty much bearish throughout the past week that compelled the price to close the weekly trade on a bearish note. On the other hand, extreme scarcity of the volume remains the biggest barrier to the price rally. Yet the asset is expected to hover within small braces for another couple of days before bagging out of consolidation. However, the XTZ/BTC is required to smash the minimum resistance levels to undergo a notable uptrend. While a bull run remains pretty much distinct, a decent uptrend could uplift the price above the current accumulation range.
Source: Tradingview Date: 17-01-2022 Time: 08:45am
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The XTZ/BTC since the past 4 to 5 days is maintaining a notable uptrend while resistance remains more or less constant. While the support levels remained pretty much elevated, the probabilities of a notable uptrend appear to be huge. However, the possibilities of a breakdown cannot be completely nullified. But in such cases, the rebound also may be pre-programmed within a very short period.
The XTZ/BTC pair is trading at 0.00009728 BTC with a drop of nearly 1.23% compared to the last trading day. However, the bid is hovering around 0.00009727 while the day’s range is hovering in between 0.00009706 and 0.00010050. Therefore a daily close above these levels may keep the hopes of a decent uptrend alive.
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