Technical Analysis for XTZUSD for 13th May 2022
Tezos Snaps back, adds 10% but will #XTZ clear $2 to Signal Bulls?
Past Performance of BTC
XTZ prices are printing higher at spot rates, adding 10 percent in the previous trading day. Like the rest of the crypto markets, the coin appears to be finding its footing after deep, double-digit losses of the past trading week. Overall, sellers are still in control though the tide could change in the immediate term if XTZ prices are sustained above this week's lows.
Bitcoin Technical Analysis
Tezos bears have been brutal in the past few trading days. As per the arrangement in the daily chart, sellers are still in control. However, the recovery on May 13, reversing the losses of May 12, may signal exhausted bears. Nonetheless, it should be observed that since XTZ prices are within a bear breakout formation below H2 2021 lows at $2, sellers have the upper hand. Optimistic buyers expecting recovery can wait until there is a comprehensive close above $2 before loading on every pullback lower. Conversely, it would be dashing if XTZ slips below $1.4. In that case, there will be confirmation of the May 9 bear breakout, setting the pace for further losses towards $1, registering new 2022 lows.
What to Expect from BTC
Tezos is within a bear breakout formation as per the formation in the daily chart. The reaction at $2 would confirm whether the bear run is over or the current trend will continue.
Resistance level to watch: $2
Support level to watch: $1.4
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