Tezos Bottomed Out: Early Signal

20 Feb

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.