Tezos: Whale Activity (Price Action, RSI & MACD)Notice on this chart we have a descending channel. At the end of the descending channel, 18-June, we see really high buy volume. After the down-move within the channel we see the development of an ending diagonal, which is a reversal pattern. All works out pretty well.
There is a strong decline and we have strong bearish volume as this decline is happening. The decline ends with massive buying and we see how the volume bars turn from red to green. And this is followed by a reversal pattern. It is only natural to expect a bullish breakout followed by strong growth; as we can clearly see the sequence going from bearish to neutral, from neutral it will evolve and turn bullish, bullish will lead to growth.
The daily RSI bottomed 11-June 2023, followed by a higher low in April 2024. At this same time, XTZBTC has been going down and this produces a very strong bullish divergence, which is another reversal signal.
The daily MACD bottomed December 2022 and here we also have a long-term bullish divergence.
This pair is ready to grow.
Thank you for reading.
Namaste.
