XTZ BTC 6-hour chart.

XTZ BTC 6-hour chart.

Gate Trade XTZ Wednesday, February 26, 2020 478 0

The 6-hour chart shows a heavy retracement since the local top at 0.0004000 satoshis. The 0.0003400 satoshis level couldn’t provide support, through which continuation of the downward trend happened. 

The primary support levels to watch are the 0.0002950-0.0003000 satoshis level and the 0.0002500-0.0002550 satoshis level. Personally, I’d be mainly watching the lowest one, given that the 0.0002500 satoshis level used to be massive resistance. 

 

However, if the 0.0002950 provides sustainable support, a potential bounce towards 0.0003450 is likely to occur. This test will determine whether Tezos is continuing the upward trend or whether this level confirms resistance, and then downward continuation towards 0.0002500 satoshis is on the table.