Bears reject the previous high in force

• Tezos has dropped heavily against Bitcoin in recent sessions.
• The price has bounced off the 55 EMA and could potentially move lower.

XTZ/BTC daily chart

XTZ has been on a great run in recent times but it seems that the wave high just cannot be breached. In more recent times, the 0.003 level has been used as support and this level closely matches with the 55 exponential moving average. 

Looking closely at the technical indicators the volume is showing large spikes at the market selling points. This gives us clues that the bears seem to be in control and the trend is vulnerable. The relative strength index indicator has also dipped below the 50 mid-point and has a small tilt higher.

The black trendline could be a potential target for the bears if things get worse and the price moves lower but the price will need to overcome the 55 EMA first. Below that is the orange support line and if all else fails this could be an area where the price finds support.

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