If you were following my previous idea, you'll see that Tezos is completing its head a shoulders pattern and the price is entering a strong demand zone.
My current theory is that Tezos is in the process of performing a 5 wave movement upwards. We are about to enter wave 3.
Any dips below $3 should be aggressively bought. I'm expecting to see volume pickup around this area.
Some profits can be booked at $5 to be safe. The final target for this wave is $6.30.
Keep an eye on volume. If volume doesn't pickup in the $3 area, a drop back down to the trendline at $2.60 is possible.
A drop below the previous low of $2.54 will invalidate this analysis.
Bitcoin could, of course, ruin the party; however, I'm expecting Bitcoin to make an upward move as well, into the high 40s and low 50s. This should be enough runway for Tezos to make its move.
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Volume has been picking up and things look to be reversing. It looks like the bottom is in. Adjusted targets are: first $4.88, second $6.15
Tezo still never having had a real bull run is criminal. The price is so low that it seems inconceivable that it would go lower than $2.5. If there’s anything that says the bull run isn’t even close to being over is this assets state. It’s the dark horse layer 1 that should get a MATIC like bull run in the months ahead. Cheers!