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Tezos is bullish in the short-term after breaking above a descending price channel
Medium-term outlook for Tezos is neutral with traders now testing the pair’s 200-day moving average
Technical indicators on the four-hour and daily time frame have both turned bullish
XTZ / USD Short-term price analysis
In the short-term, Tezos is bullish after breaking above a descending price channel on the four-hour time frame.
The recent bullish breakout is still in its early stages, with the XTZ / USD pair still needing to make significant gains to negate a bearish head and shoulders pattern on the four-hour time frame.
Technical indicators on the mentioned time frame are rising and show further scope for upside in the near-term.
XTZ / USD H4 Chart (Source: TradingView)
Pattern Watch
Aside from the head and shoulders pattern, traders should note that a bullish double-bottom pattern may also be forming if the current up move continues to gather pace.
MACD Indicator
The MACD histogram has turned bullish on the four-hour time frame, with the signal line also performing a bullish upside crossover.
RSI Indicator
The Relative Strength Indicator has turned bullish, although it is starting to approach slightly oversold conditions.
XTZ / USD Medium-term price analysis
In the medium-term, Tezos is neutral with the cryptocurrency now testing its key 200-day moving average following a strong move higher.
Similar to the four-hour time frame, the daily time frame is also showing the pair performing a bullish technical breakout from a well-establish descending price channel.
If the pair continues to advance, the December 24th trading high offers the strongest form of technical resistance above the 0.5000 level.
XTZ / USD Daily Chart (Source: TradingView)
Pattern Watch
Aside from the descending price channel itself, traders should watch for the formation of a double-bottom pattern, and multiple daily price closes above or back inside the price channel
MACD Indicator
The MACD indicator has turned bullish on the daily time frame, with the signal line poised to turn bullish if the up move continues.
RSI Indicator
The Relative Strength Index is strongly bullish on the daily time frame and shows further scope for upside in the pair.
Conclusion
Tezos is attempting to turn bullish over the medium-term, if buyers can perform multiple daily price closes above the pair’s two-hundred day moving average, we could see a continued push higher towards the December 24th trading high.
Technical rejection from the 200-day will likely provoke technical selling back towards the descending price channel.
Tezos Chart
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