Bitcoin slid down the price charts by nearly $2000 after falling from $12,000 on 1 September to $10,200 on 4 September. In fact, there could be more downside on the cards, with a Bitcoin CME gap at $9665 left unbridged. At the same time, Bitcoin Dominance picked up from 59 to climb to 59.94%, at press time.
Further down the cryptocurrency charts, Tezos was forming what could be a bullish reversal pattern after retracing most of the gains it made over the past couple of months. Cosmos was trading just beneath an important retracement level, but could be poised for more downside. Zcash dropped in value faster than most altcoins and was being dominated by sell pressure, at the time of writing.
Tezos was in the news recently when BitMEX announced a new Futures market for Tezos, traded against Tether (XTZ/USDT).
The overall outlook for XTZ in the short-term was overwhelmingly bearish, at press time. As shown by the DMI, the trend has been a strongly bearish one, with ADX (yellow) and -DMI (pink) well above the 20-line to indicate a strong downtrend.
However, XTZ could be forming a descending broadening wedge on the 4h timeframe, as indicated by the yellow trendlines. This could take a few days to play out.
The aforementioned wedge is a bullish reversal pattern, and if the price breaks above the upper trendline, the price might be able to revisit its $4.47 highs.
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