Crypto Technicals: XTZ/USD retraces below 61.8% Fib, breaks 1H 200 SMA support, bias bearish

XTZ/USD chart - Trading View 

Exchange - Bitfinex

Support: 1.1659 (21-EMA); Resistance: 1.3544 (61.8% Fib)

Technical Analysis: Bias turning bearish

- Tezos exhibits volatile trade, slumps in tanden with BTC weakness

- XTZ/USD dives 12.5% on the day, trades at 1.27 at 1050 GMT

- Bearish divergence seen on RSI and Stochs, 5-DMA is showing a turn

- Stochastics RSI has signalled overbought conditions for the RSI oscillator

- Price action has slipped below 1H 200-SMA support, further weakness likely

- Pair eyes 21-EMA at 1.1659, further weakness likely on break below

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