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Tezos remains bullish in the short-term, with the cryptocurrency advancing by over 70% this week so far
The daily time frame shows that the bullish inverted head and shoulders pattern has now reached its upside objective
The XTZ / USD pair is testing key Fibonacci resistance on the daily time frame
Tezos / USD Short-term price analysis
Tezos is bullish over the short-term, with the cryptocurrency adding over 70% in value this week from peak-to-trough.
The bullish inverted head and shoulders pattern on the four-hour time frame has now reached its overall upside, with the XTZ / USD pair pulling back sharply from the best levels of the week.
Technical indicators on the four-hour time frame appear overstretched, with the RSI indicator attempting to turn lower.
XTZ / USD H4 Chart (Source: TradingView)
Pattern Watch
The February 16th spike high is now a key technical support if a strong technical correction does occur.
MACD Indicator
The MACD indicator remains bullish on the four-hour time frame and continues to generate a buy signal.
Relative Strength Index
The RSI indicator remains bullish on the four-hour time frame, although bearish pressures are building.
Tezos / USD Medium-term price analysis
Tezos has a bullish medium-term outlook, with the cryptocurrency reaching levels not seen since November 20th of last year.
The daily time frame shows that the bullish inverted head and shoulders pattern has reached its overall upside objective, with price now pulling back from the best levels of the week.
The 61.8 Fibonacci retracement from the current yearly low to the November 16th swing-high currently offers the strongest form of technical resistance above the current weekly trading high.
XTZ / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should be on guard for a technical correction lower now that the bullish pattern on the daily time frame has reached its upside target.
MACD Indicator
The MACD indicator on the daily time frame is still generating a strong buy signal.
RSI Indicator
The Relative Strength Index is bullish on the daily time frame, although the indicator is attempting to correct from overbought conditions.
Conclusion
Tezos retains a bullish bias over both time horizons, with the cryptocurrency performing its strongest ever weekly advance.
With the absence of any bullish patterns and the RSI indicator on both time frames attempting to move lower, traders should be on guard for a potential downwards technical correction in the XTZ / USD pair.
Tezos Chart
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