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While the top 10 coins are in red, Tezos is up 10.42% after SIX, Switzerland’s primary stock exchange listed an income-generating exchange-traded product (ETP) based on Tezos (XTZ) token.

Tezos Market Cap Increases by $6 Million

Tezos market cap has also made a significant move in the past 24 hours. It has reached $80.85 MM from $74.67 MM in one day. The latter’s market cap has risen $23 million since the starting of November.

Tezos
Source- CoinMarketCap

XTZ/USD price had been trading under the market pressure since the bears set their foot in the crypto market a few days ago. The prices didn’t show major fluctuations at the start of November and moved in the range of $1.12- $1.18. However, the prices made a good recovery from the 4th of November to the 9th of November when Tezos managed to reach $1.26. Later, the price fell down again with Tezos trading at $1.13. At press time, XTZ is trading at $ 1.24.

The key support levels to look out for lies between $1.08 and $1.16 with resistance at $1.26. If the prices drop they may well stay in the range of $1.0 and $1.1. If the token manages to break resistance at $1.26, the prices may rally to $1.40, $1.50 and $1.60 levels.

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Technical Indicators

Tezos
Source- Trading View

Relative Strength Index (14) -66.9476
Stochastic %K (14, 3, 3) -32.4018
Commodity Channel Index (20) -83.1387
Average Directional Index (14) -46.762
Exponential Moving Average (5)- 1.1909
Simple Moving Average (5) -1.1823
Exponential Moving Average (10)- 1.1486

SIX Exchange Lists Income Generating ETP

Yesterday, SIX exchange listed an income-generating exchange-traded product (ETP). The product is based on Tezos (XTZ) token and will be issued by fintech firm Amun AG in partnership with Tezos Foundation.

The ETP will allow investors to earn a passive income via transactions validated on the Tezos blockchain. Also, the product can be used by both retail and institutional investors. As a matter of fact, the Tezos tokens of the ETP are in Coinbase’s custody and the latter is also responsible for staking them.

Will Tezos price manage to break $1.26 resistance? Let us know, what you think in the comments below!

Summary

Tezos[XTZ] Rises 12.09% Post ETP Listing on SIX Exchange

Article Name

Tezos[XTZ] Rises 12.09% Post ETP Listing on SIX Exchange

Description

While the top 10 coins are in red, Tezos is up 10.42% after SIX, Switzerland’s primary stock exchange listed an income-generating exchange-traded product (ETP) based on Tezos (XTZ) token.

Author

Supriya Saxena

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Coingape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Supriya Saxena , 2019-11-15 08:06:15 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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