Tezos Bottomed Out: Early Signal
It is likely that Tezos (XTZBTC) already hit bottom... Let's consider this weekly chart.
We have a major downtrend that started in the year 2020.
In 2021 there is a relief rally and followed by the resumption of the bearish trend.
It is easy to see lower lows with decreasing volume until present day.
➖ Welcome to the year 2024.
As the year starts we soon see change. The action becomes shaky. We have a very strong red candle followed by a green candle that cements a new All-Time Low. Trading volume is above-average and the usual pattern changed completely.
This "change" is the most relevant signal.
If XTZBTC were to continue in a downtrend long-term, we would see the same behaviour, the same pattern and higher volume on the lower lows.
We can also draw a 3-3-5 correction from August 2020 through January 2024.
This is an early signal but XTZBTC is likely to go bullish in 2024.
Namaste.
We have a major downtrend that started in the year 2020.
In 2021 there is a relief rally and followed by the resumption of the bearish trend.
It is easy to see lower lows with decreasing volume until present day.
➖ Welcome to the year 2024.
As the year starts we soon see change. The action becomes shaky. We have a very strong red candle followed by a green candle that cements a new All-Time Low. Trading volume is above-average and the usual pattern changed completely.
This "change" is the most relevant signal.
If XTZBTC were to continue in a downtrend long-term, we would see the same behaviour, the same pattern and higher volume on the lower lows.
We can also draw a 3-3-5 correction from August 2020 through January 2024.
This is an early signal but XTZBTC is likely to go bullish in 2024.
Namaste.
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