Tezos (XTZ/USD) Fails At 78% Fibby, Continues Downtrend

Once again, cryptos are showing weakness going into the weekend break. Of course, there is no “break” on the cryptocurrency markets as they trade 24/7/365. However, the tendency over the past month has been flat to negative for cryptos on Saturday and Sunday. With a few hours until Friday’s bell, Bitcoin BTC (-3.32%), Ethereum ETH (-6.81%), and Tezos XTZ (-7.24%) are in the red (Coinbase prices). 

For Tezos, the situation is turning exceedingly bearish. In a Live Market Update from yesterday, I outlined a key resistance level and short trade for the XTZ/USD. The play turned out to be a breakaway winner, racking a quick $0.25 (8.7%) profit. If you missed the idea, feel free to check it out here.

On the crypto news front, there was an interesting exchange between Twitter mogul Jack Dorsey and Tesla CEO Elon Musk earlier today. The dust-up took place on Twitter and it went like this:

• Dorsey: Let’s have THE talk
• Musk: For the Bitcurious? Very well then, let’s do it 😉

God only knows what that exchange really means. Supposedly, it refers to an upcoming event that Dorsey is hosting on the topic of Bitcoin. Aside from Dogecoin DOGE (+7.5%), cryptos aren’t overly optimistic as early gains have reversed. Unfortunately for Tezos, the situation continues to degrade. Will Tezos test 2021’s lows over the weekend?

Tezos (XTZ/USD) Trends South

Overview: If you toggle the dynamic chart above to a daily setting, one thing becomes obvious: Tezos hasn’t posted a meaningful retracement in months. The trend is bearish and January’s low of $1.95 is coming into view. Right now, the sellers are ruling this market; key support levels are the January 2021 low of $1.95 and December 2020’s bottom of $1.60. Don’t be surprised if these numbers come into play by Monday.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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Ammar Zain

3 years ago

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