Tezos medium term bull scenario (USD)
Updated
Expect more short term selling pressure as significant buyers remain on the sidelines until price capitulates one final time. The current chart is not appealing at the moment for traders with size - easily shown by the declining trading volume since 2019's high. Watch volume closely. Also, watch the Tezos price trend cycle throughout the day. When daily trading highs are made morning or mid day, and followed by a sell off to close the day -- typically means that more downside is coming. On the contrary, when the day starts out red but closes higher than it began, traders are starting to accumulate and hold positions.
Now to my projection. I am a believer in ascending triangles. I see one in the making with Tezos and believe it will ride the ascending triangle for the medium-term. My price projections are based off of similar moves from Tezos and other cryptoassets as they formed and broke out of their patterns. Typically it takes 3 attempts to break ascending triangle resistance. Once resistance is broken it will immediately flip to support. If support holds I firmly believe that we will not see $2.00 XTZ ever again.
Love to hear your thoughts. Good luck!
Now to my projection. I am a believer in ascending triangles. I see one in the making with Tezos and believe it will ride the ascending triangle for the medium-term. My price projections are based off of similar moves from Tezos and other cryptoassets as they formed and broke out of their patterns. Typically it takes 3 attempts to break ascending triangle resistance. Once resistance is broken it will immediately flip to support. If support holds I firmly believe that we will not see $2.00 XTZ ever again.
Love to hear your thoughts. Good luck!
Note
My forecast has been updated:
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