Technical Analysis for BTCUSD for 20th October 2022
Tezos Dumps 35% in 3 Months, Could Slide to H1 Lows of $1.20
Past Performance of XTZ
Tezos Technical Analysis
Tezos hasn't been spared the uncertainty and drawdown in the broader crypto and financial markets. Overall, the coin is within a bearish trend, below the middle BB, a dynamic resistance level, and $1.46 is a critical liquidation level. XTZ might recover, especially if buyers soak in the deluge of selling pressure. The October 13 bull bar defines the short-term trend. Bears will be in control until there is a confirmation above the middle BB and $1.46. A close above $1.46 may see XTZ rise to September 2022 highs at $1.70. Losses below $1.33 may force XTZ to 2022 lows at $1.20.
What to Expect from XTZ
Sellers have the upper hand, but the tide could change if there are above October 13 highs and the middle BB. Preferably, a spike in trading volumes, exceeding this week's average, might reinvigorate buyers, pushing them to new October highs.
Resistance level to watch: $1.46
Support level to watch: $1.33
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