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Crypto Technicals: Tezos (XTZ) rejected at 50-DMA, set to extend weakness below $1.00

Wed, 11 Sep 2019, 09:09 am UTC

XTZ/USD chart - Trading View

Exchange - Kraken

Support: 0.9276 (88.6% Fib); Resistance: 1.0703 (21-EMA)

Technical Analysis: Bias Bearish

XTZ/USD was trading 0.93% lower on the day at 1.0093 at 08:30 GMT.

The pair is consolidating below 200-DMA, scope for further weakness below 1.00.

Upside was rejected at 50-DMA with an 'inverted hammer' formation which shows selling pressure at highs.

The pair is extending downside for the 3rd straight session, hovers around 78.6% Fib.

Price action slides in a downward slopping channel. Next major bear target lies at 88.6% Fib at 0.9276.

200-DMA is major resistance at 1.0922. Break above 50-DMA to see upside continuation.

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