XTZ/USD Secondary trend. Downward channel.

Logarithm. Time frame 3 days. Secondary trend.

Downward channel. The price has been falling for 16 months (1.4 years). It is quite possible that finally this downtrend channel of almost a year and a half will be broken. On the chart there are dynamic resistance lines (like a Gann fan).

There is a possibility that some kind of sidewall with a significant % step after the exit from the downtrend will be formed. The resistance zone that will confirm or deny this is highlighted and marked with an arrow.

The price has declined by -92% from the price pumping maxims. This is an acceptable indicator for altcoins of such liquidity.


Linear chart (trend direction).

The main trend. Time frame 1 week.

XTZ/USD Main trend. Downward channel

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Local trading situation in the sideways zone. pivot zones.

news.

Tezos activates “Mumbai” update, providing more than a million transactions per second

BERN, Switzerland - Tezos , the pioneering blockchain for Proof-of-Stake consensus and network management, has activated Mumbai, its thirteenth major protocol update.

1️⃣After Tezos' latest update, Mumbai, allows anyone to deploy Smart Rollups, a new scaling solution.

2️⃣Smart Rollups allows the Tezos blockchain to scale at over one million transactions per second without sacrificing decentralization.

3️⃣Except developers can now create general-purpose programming languages, such as Rust, C and C++, based on Tezos.


Market phases and the psychology of majority behavior.

🟢Accumulation. All the things that really always happen quietly and without hype.
Important positive news on the development of the project happens unnoticed by the community (not said to be good).
Unimportant negative on the contrary, on the principle of "a fly on the elephant, even though there may not be a fly".

🟡 In the participation phase (trend development). moving up to the distribution zone. — Rumors. At the beginning of the trend they always give earnings, stimulating prematurely to get rid of the position before the main selling zone.

🔴Distribution. “Hype” appears when it's time to unload. The crowd buys, promising and "not so promising." An expensive purchase gives the illusion of acquiring something important, valuable...

Comment:

The price has broken through the local downtrend. A diamond-like formation was formed. Targets it by TA just above the resistance of the horizontal channel, i.e. the previous maximum.

Important local levels (zone) support 0.96 -1.083.
Under 1.083 there are a lot of short stops. Whether they will be beaten out or not is another question, but from the position of risk management the ratio of profit to loss is very good.

Comment:

False diamond breakdown. Rollback. Breakdown of the support level 0.096. Price declined to the accumulation channel support at 0.699 (there is a stop loss gathering under the support at the classic 5-6%).

The accumulation zone of 8.6 months (260 days) is quite small compared to other popular altcoins. It is quite possible that the exit from this zone will be through a double bottom (time, fast, schematically shown with a marker). But, we must remember that there was no capitulation, although the price from the maximum has fallen by -92%.

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01 11 2023

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