Tezos: Is there a shorting opportunity on the cards as XTZ fails to defend $2 support

ambcrypto.com:

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

Tezos has been bearish on higher timeframes, and the crypto asset has lost 60% of its value on the charts since the turn of the year. Further losses can not yet be ruled out. In the past few days, Bitcoin has been forced to drop from the $32k highs but at press time it continued to hold on to the $29.6k mark.

Bitcoin could have a say in the direction of Tezos on the price charts in the next few days, but as things stand, the technical outlook was bearish for XTZ.

Source: XTZ/USDT on TradingView

On the H6 chart, it can be seen that XTZ has formed a series of lower highs since April. In May, the price appeared to find some support at the $2.41 support level but was quickly pushed underneath as the selling pressure mounted.

At the time of writing, the lower high at $2.29 was the level to beat for the market structure to be flipped to bearish. As things stand, there were some complications as the price has broken past the $1.92 mark, but was also unable to climb past the $2.29 level.

Source: XTZ/USDT on TradingView

The H2 chart shows the complicated nature of the structure. In mid-May, the $1.93 level (dotted white) was established as the lower high of the downtrend of April and May, but XTZ was able to bounce from the $1.66 support level and climb past the $1.93 mark. In doing so, it set a higher low at $1.85 (dotted cyan) and a higher high ($2.26) and indicated a bullish structure in the shorter timeframe.

However, the bearish pressure in the last week of May forced XTZ beneath the $1.85 higher low and also forced the price to register a lower high (dotted purple) at $2.2. The