Crypto Technicals: Tezos (XTZ) bucks bearish crypto market trend, grinds higher with strong bullish momentum
Thu, 12 Dec 2019, 11:42 am UTC
XTZ/USD chart - Trading View
Exchange - Bitfinex
Support: 1.8652 (May 2019 high); Resistance: 1.3845 (21-EMA)
Technical Analysis: Bias Bullish
Tezos has defied the general bearish crypto market trend and has been on a steady rise since October.
After Binance and Ledger, Kraken is set to activate Tezos staking support on Friday.
XTZ/USD has developed a sustainable bullish momentum and we see scope for further highs.
A 'Golden Cross' (bullish 50-DMA crossover on 200-DMA) on the daily charts is set to buoy prices.
GMMA shows shift in major trend to bullish. Momentum is strongly bullish. That said, overbought oscillators can cause minor pullbacks.
The pair saw minor weakness on account of a 'Double Top' formation, but downside held above 200H MA.
Scope for test of 1.8652 (May 2019 high). Retrace below 21-EMA could negate near-term bullishness.
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