TEZOS has broken through the support it has held since 2019, a further decline possible. Many altcoins will have a similar fate.
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In the previous plan, I imagined that the bears would have enough prey around 0.8-1.0, but we are here soon. Bears can target much further down.
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The bears are still hard at work trying to get to the bottom of 2018.
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The bears are still working hard on Tezos, regardless, if there is still a small retracement before the move down, then Tezos will probably write off another -50% from the current values.
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In a previous post I pointed out the possibility of a small retracement, it happened at this exact point and it wasn't small either. Going straight down would be too easy for the bears. If the candle closes below resistance, the bears are likely to meet their target.
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Bears are watching for a loss of support and a return below the trendline. He will probably be back at work soon. It would have been easy to fall straight to the bottom, so halfway through the market maker turned around and liquidated the short positions, letting the bulls get into the long positions at the top, and now they are slowly dropping them down. Just my opinion.
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From the previous idea, Tezos ran to the top to make a quick distribution there and lure the bulls, but now the bears are hard at work again.
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Speculative move only.
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It took longer than I expected, but the direction is right.
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Tezos is in the support zone, if the is sustained, then a bounce is possible, but at the moment it is uncertain, jumping straight into a dip or a pump, I'm done with that.
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I think all the interesting areas on Tezos are already mined and nothing is stopping it on its way to the 2018 low at this point.
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If the bears break support here then the bulls could fall into the 2018/19 low area
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Bears are cutting through crucial support for Tezos. We'll see how it goes.
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Looking at the Tezos chart, I still think the bears are headed for the 2018 bottom. But after gaining liquidity in the area where it is currently located, a minor upward movement is possible, if there are short positions, it is necessary to eliminate them before the final downward movement. My guess is that by the end of the year the area will bottom out, it would be around -96%, by which time the bears will probably be well fed and then start hibernating. The bulls may start to emerge, but if I imagine a lot of people trapped on the way down and trying to exit the position, it's going to be a tough road up.
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After the price increase on October 10, a lot of bullish ideas emerged immediately, but I don't see anything bullish about the liquidation of accumulated short positions under support. If you are not trying to scalp, I wonder why you are constantly trying to go long in this phase of the cycle?
Hello Sir, why do they do that, to buy more afterwards?
trader-123456
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@bazoonga31, Hi, the reason for them to buy later will not be the main one. Because many cryptocurrencies do not have to survive a bear market, so that it will then rise is not guaranteed either. It's a normal cycle in the market, if it goes up people are bullish and buy and when it starts going down people become bearish and sell.
Do you think Tezos still has potential to be a big player in the smart contract world? I have been following their team, and it seems like they are doing great things and have a great system in place for success despite of the price.
trader-123456
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@BoxxAC, Hi, I'm only following the chart, I don't really know what exactly Tezos is doing. If you have verified information that work is still being done in Tezos, then it is certainly a better option than if the developers left the project. It gives a better chance for good news and thus price growth when the right time comes in the market. It is difficult to determine the far future, but my opinion is that it is still heading towards the low of 2018 and may subsequently start to grow (if the market conditions are suitable for this), but I do not think that it will surpass the ATH.
ArmandoAlexiev
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@trader-123456 While price fluctuation is a common characteristic in the cryptocurrency market (the entire altcoin market declined), the potential success of a blockchain project typically depends on various factors such as the quality of the technology, adoption by developers, community support, partnerships, and market demand. Tezos has actively been working on these aspects and has made progress in different areas like developer tools, education initiatives, and partnerships.
Ultimately, whether Tezos will become a major player in the smart contract world will depend on how well it continues to adapt to changing market dynamics. I believe in time Tezos will go far beyond its current ATH.
trader-123456
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@ArmandoAlexiev, Hi, yes, it is possible in a few years. My reaction that it will not overcome the ATH I meant in the growth that will come after finding the bottom.