XTZUSD: Trading near a support level.

٢٥ أغسطس ٢٠٢٠

Hello traders and investors! The cryptos are dropping quite hard today, and XTZ didn’t escape from the blood bath.

The good news is the support at the red line around $ 3.34 is holding the price well. Also, this movement seems to be just a pullback, as evidenced by the decrease in volume (red arrow).

This is normal, especially after an incredible movement that lead XTZ to its ATH. Since we are in a bull trend, pullbacks are just opportunities to buy, or buy more/again.

Yes, I know that today’s candlestick is quite bearish, and it could trigger an even sharper pullback on Tezos, but the hourly chart makes things not that scary:



Today’s movement seems to be something systemic, as almost all cryptos are dropping today. But as we are at a support zone, the situation will become clear soon. This is the decisive point for XTZ, and if you ask me, the situation favor the bulls in the mid-term.

Of course, since Tezos recently hit its ATH we may see some erratic movements, so, things are very complicate in the short-term, but the trend is still bullish, and there’re no reversal signs around. Pullbacks are different from reversal, and there’s no need to sell in panic during pullbacks. In fact, pullbacks are just opportunities.

And support this idea if you liked it! Also, follow me to keep in touch with my analyses!