RATE Group | Failed H&S Pattern Puts This Cryptocurrency En Route to Record Levels
89450
post-template-default,single,single-post,postid-89450,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Failed H&S Pattern Puts This Cryptocurrency En Route to Record Levels

28 May Failed H&S Pattern Puts This Cryptocurrency En Route to Record Levels

Posted at 21:46h in Cryptocurrency News by

  • XTZ, the native cryptocurrency of the Tezos blockchain platform, recently defeated a long-standing Head & Shoulder pattern.
  • If successful, the bearish technical indicator could have crashed XTZ to as low as 523 sats.
  • Its failure now puts the crypto en route to record highs.

XTZ is trading almost 28 percent lower from its all-time high at 4,073 sats, but the cryptocurrency has enough fuel to retest the top.

The upside sentiment for the Tezos blockchain’s native asset takes cues from its recent response to a bearish technical indicator. Since it started trading in 2019, the XTZ/BTC daily chart was gradually forming a Head & Shoulder pattern, hereto H&S.

The classic indicator appears after an asset form three price highs, with the middle peak highest than the other two. Meanwhile, these peaks stand on a price floor called the neckline. Together, they appear like two shoulders with one head in the middle, which explains the term H&S.

A Winning Cryptocurrency

Traders perceive H&S as a…

Source link

Tags:
, , , , , , , ,