Tezos (XTZ) Price Analysis – April 15
Maintaining a bullish scenario, Tezos markets are currently riding to close support after gaining 7% in the last 24-hours of trading. Meanwhile, XTZUSD is retracing to $1 after breaking out of a symmetrical wedge pattern yesterday; XTZBTC constructed a bullish Head and Shoulder pattern since March, now connecting the right Shoulder to the neckline at 18000 SAT.
Resistance levels: $1.3, $1.5
Support levels: $1, $0.8
From $0.4 low in March, Tezos market slowly climbed to $1.1 high before constructing a symmetrical wedge pattern which led to a bullish breakout yesterday after moving side-way since April opening. A new 2019 all-time high was poised for XTZUSD market today at $1.23; surging 7% in the last 24-hours of trading.
Currently, a bullish retracement is riding towards the break level at $1 support. The actual scenario is shown on the 4-hours RSI as it faces down. At this support, a possible break down could send the token to a $0.8 support level and beyond. Similarly, resuming a bullish rally could propel price to $1.3 resistance level and above.
A bullish Head and Shoulder (H&S) pattern has been carved for XTZBTC market since late March as the right Shoulder is yet to be completed; currently forming as price fall to the neckline at 18000 SAT support level. The neckline is a strong defensive level for the bulls.
As appeared on the medium-term RSI, Tezos trading just left the overbought territory; reflecting a short move. If the bears manage to breach the bulls defense level, a significant drop could bottom at 10000 SAT support; revisiting the early March rise level.
In the opposite scenario, an upward movement is likely to meet resistance at 24000 SAT and above.
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