XTZ/USD chart - Trading View
Exchange - Kraken
Support: 1.1263 (50% Fib); Resistance: 1.4405 (5-DMA)
Technical Analysis: Bias Bearish
Tezos in the red for the 3rd straight week, bias remains bearish.
XTZ/USD has breached 50-DMA support to hit fresh 3-week lows at 1.2260.
Price action has held above daily cloud top, violation there will see weakness.
Technical studies support downside. MACD is biased lower and we see -ve DMI dominance.
Stochs and RSI are sharply lower and 5-DMA shows bearish crossover on 20-DMA.
'Bearish Divergence' on RSI and Stochs on the daily charts adds to the bearish bias.
Next bear target lies at 50% Fib at 1.1263. Retrace above 50-DMA to see consolidation.
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