As Tezos [XTZ] pushes past $1.66, bulls can consider these levels to book a profit

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Tezos [XTZ] has performed decently well over the past month. Both Bitcoin [BTC] and Tezos registered gains of around 25% in July. This highlighted two things. One was the fairly positive correlation between Bitcoin and most of the larger altcoins in the market. The second was a possible lack of conviction among XTZ bulls. In a month when Ethereum [ETH] rose by 70%, Tezos was only able to follow Bitcoin’s lead step for step. Could another leg upward be pending for Tezos?

Source: XTZ/USDT on TradingView

On the 12-hour chart, the series of higher lows that XTZ formed from mid-June was visible. The downtrend from April was also apparent. XTZ has a bullish market structure after breaking above the $1.66 level of former resistance. Yet, that does not mean XTZ can climb back to the previous highs just yet.

Two levels of resistance at $1.92 and $2.15 were highlighted on the chart, and it was likely these levels would offer stubborn opposition to XTZ bulls. The Relative Strength Index (RSI) has oscillated from 45 to 65 throughout July. At the time of writing, the RSI was at 62 and above neutral 50 to suggest an upward trend in progress.

Source: XTZ/USDT on TradingView

The drop from $2.36 to 1.195 in June was used to draw a set of Fibonacci retracement levels (yellow). The 38.2% level lay at $1.64, close to the horizontal $1.66 level of significance. A retracement past the 38.2% level can reach the 61.8%-78.6% pocket. Generally, a move past the 38.2% level does climb (or drop, based on trend) to the 61.8% level.

In this case, that would be the $1.92 resistance level. Once more the