A Few Key Technical Levels For Tezos (XTZ/USD)
The technical outlook for Tezos (XTZ/USD) is fairly simple: the intermediate-term downtrend remains valid and a bearish bias is warranted.
Cryptocurrencies are on the ropes today following surprise dissent in the U.S. Senate. In response, Bitcoin BTC (-2.11%), Ethereum ETH (-2.25%), and Ripple XRP (-0.35) are all off moderately. For Tezos (-3.97%), the damage has been a bit worse as it has been for Polkadot (-2.89%).
The cryptocurrency industry suffered a major setback today, as a taxation compromise was shot down in the U.S. Senate. If you’ve been following the Democrat-sponsored infrastructure bill over the past several weeks, then you’re aware that it contains powerful new crypto tax guidelines. According to the bill, any “crypto broker,” which is a very broad definition, is required to report transactions in excess of $10,000. Yesterday, a compromise was reportedly reached. Today, it was shot down. Here’s what happened:
- A unanimous vote was needed to pass the compromise led by Senator Pat Toomey (R-Pa.). One Senator, Richard Shelby (R-Ala.) filed an objection and moved to attach a military spending amendment.
- Senator Bernie Sanders (D-Vt.) objected to Shelby’s motion. In response, Shelby objected to the proposed compromise.
Well, that’s politics. At this point, the motives behind the Shelby/Sanders exchange remain unclear. But one thing is for sure ‒ the U.S. government is going full steam ahead with crypto taxation.
For Tezos, the news out of the U.S. Senate wasn’t good. However, prices are well off of yearly lows and attempting a comeback.
Key Technical Levels For Tezos
The technical outlook on Tezos (XTZ/USD) is fairly simple: the intermediate-term downtrend remains valid and a bearish bias is warranted.
Here are three key levels to watch for the near future:
- Resistance(1): Weekly Bollinger MP, $4.08
- Resistance(2): Macro 38% Retracement, $4.51
- Support(1): Weekly SMA, $2.91
- Support(2): Weekly Double Bottom, $2.10
Overview: Over the past several months, Tezos has been in a holding pattern. If we see prices continue to grind higher, a premium shorting opportunity from the $4.00 to $4.50 zone may come into play. Stay tuned for details on how to get in on the action.
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