Tezos price is due for a sharp decline targeting $1.19
- XTZ price sees retracement into an ascending trend line.
- Tezos price is due for a sharp decline targeting $1.39.
- Invalidation of the bearish thesis is a breach of $1.65.
Tezos macro's outlook can no longer be considered an impulse wave. A complex correction or sharp decline is now on the cards. Both scenarios make XTZ price unpromising.
Tezos price targets the $1.19 resistance
Tezos price shows bearish involvement during the last trading week of July.
It was mentioned in a previous thesis that early evidence of the macro trend failure would be a breach of the ascending trend line. On July 26, the Tezos price fell into the historical supportive barrier and now shows an intra-hour rebound as market makers and traders engage to place their bets around the significant trend.
Tezos price currently trades at $1.55. The volume profile indicator is still low during the occurring rebound and the Relative Strength Index does not show bullish confluences or divergences. Therefore this thesis will remain bearish.
Missing chart?
Invalidation of the bearish outlook is a break above $1.59. If the bulls can conquer this barrier, they may be able to rally as high as $$1.65, resulting in a 7% increase from the current Tezos price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
