Crypto Technicals: Tezos slips below 50-DMA, eyes 50% Fib at 1.1263

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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