Smooth channel formation shows support ahead of 2.00 level

  • Tezos trades nearly 2.5% higher as cryptocurrencies rebound on Tuesday.
  • There is a channel formation on the 4-hour chart that has been well respected.

XTZ/USD 4-hour chart

Tezos is trading nearly 2% higher on Tuesday as sentiment improves following the poor session on Monday for the crypto majors. Its seems 2.00 is a tough nut to crack for the bear as the psychological support level has been evaded once again. On the last down wave, the price found support at the 55 exponential moving average (EMA). This is not the first time the EMA has been used as a support or resistance level as you can see from the chart.

Looking at the technical indicators, the relative strength index indicator has moved back above the 50 mid-line in a bullish move. The key part of the chart is the channel formation, the price has moved smoothly through the chart structure and a break in either direction could give us some great clues on the future direction for the pair,

Source Link