XTZ/USD Medium-term Trend: Ranging

Distribution territories: $1.20, $1.40, $1.60
Accumulation territories: $0.40, $0.30, $0.20

Tezos has been under selling pressure when the trading sessions entered its second day this week, on November 19. The crypto dowsed the much expectations of seeing it getting past the middle Bollinger Band to assume an upsurge above the 50-day SMA’s trend-line.

Rather than that, the US dollar got the trade advantage and pushed the market southwards along the lower Bollinger Band as it’s being stretched downward. Price has now been hovering within the $0.80 and $0.60 territories. The 50-day SMMA’s trend-line is found between the Upper and middle Bollinger Bands. Around Nov.12 while the Stochastic Oscillators dipped into the oversold zone, they have been consolidating their movements within it and around range 20 until present.

Therefore, traders are enjoined to await the reaction of the Stochastic Oscillators towards a bullish movement because the market has seemed to have reached part of its critical bearish point currently.

There has been a major domination of the XTZ/USD market movements by bears’ driving force this week between Nov.19 and 20. The crypto, later on, hit a strong accumulation territory around the $0.60 mark that made a further decline impossible for the bears to push past.

Today, the crypto has been once again rejected at around the same said price territory to slightly find a stand for a short upward trend characterized by lower highs. The 50-day SMA’s trend-line and the upper Bollinger Band are now located around the same market trading point on the chart. Price has been fluctuating around the middle Bollinger Band presently. The Stochastic Oscillators have headed north and slightly crossed below range 80 to point south.

That shows that the bears are still in control of the price trend. But, caution needs to be exercised while placing a position to avoid bears’ trap.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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