ZEC USD - Wyckoff Accumulation Phases
Updated
This analysis is for my own education, I am trying to learn the wyckoff method so please correct me if I am wrong.
Phase A:
We can clearly see the stopping of the previous down trend and the dominany supply.
Preliminary support (PS) is very short lived and followed by continuation of selling climax (SC).
We can see the Automatic Rally (AR) right after the SC. There is a secondary test which is successful but not quiet close to SC support, so there is less selling.
Phase B:
Price swings are wide and high volume throughout Phase B, which takes around 4 years. At times showing Signs of Strength (SOS) within the trade ranges (TRs).
Phase C:
I believe we are now in Phase C, with a strong pullback after some SOS. Price moves below Phase B trade ranges. Volume has been fairly low.
We could call this area LPS - last point of support. I identify this zone to be a bear trap.
This can mark the beginning of a new uptrend soon.
The current crypto market conditions also support this analysis. If we see a sign of strength again soon, it could validate it.
Phase D:
If this analysis is correct, we should see a dominance of demand over supply for Phase D to activate. Expect a price movement towards the top of the trade range.
Indicators:
TLL RSI - heavily oversold
Money flow - shows sign of reversal but still not validated, we need to go above 0.
Volume: Low
Phase A:
We can clearly see the stopping of the previous down trend and the dominany supply.
Preliminary support (PS) is very short lived and followed by continuation of selling climax (SC).
We can see the Automatic Rally (AR) right after the SC. There is a secondary test which is successful but not quiet close to SC support, so there is less selling.
Phase B:
Price swings are wide and high volume throughout Phase B, which takes around 4 years. At times showing Signs of Strength (SOS) within the trade ranges (TRs).
Phase C:
I believe we are now in Phase C, with a strong pullback after some SOS. Price moves below Phase B trade ranges. Volume has been fairly low.
We could call this area LPS - last point of support. I identify this zone to be a bear trap.
This can mark the beginning of a new uptrend soon.
The current crypto market conditions also support this analysis. If we see a sign of strength again soon, it could validate it.
Phase D:
If this analysis is correct, we should see a dominance of demand over supply for Phase D to activate. Expect a price movement towards the top of the trade range.
Indicators:
TLL RSI - heavily oversold
Money flow - shows sign of reversal but still not validated, we need to go above 0.
Volume: Low
Trade active
Market is gaining strength as expected. Keep following.Trade active
Had a Bitcoin maxi friend look into Zcash fundemantals and technical capabilities within its code the other day. He responded to me as; Zcash is miles ahead of Bitcoin, solved all the problems that Bitcoin has. There is still lots of education to be made around this specific crypto. Once people realize how strong the underlying technology of Zcash is, and that this is the actual Satoshi Vision, we may really see the demand for it pick up.
However, let's focus on the technical price analysis for a the time being as it will help us identify the risk and benefit to hodl this crypto.
So far, so good. Market has been doing well trying to consolidate a bottom, and Zcash responded as expected. We need to see a sign of a bit more strength and come out of the current area soon.
Let's keep following.
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Still closed above last point of support over the past few weeks.Still confident about it being a bear trap. Lets keep on watching.
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Holding tight. =)Order cancelled
I am very dissapointed with ZEC, unfortunately I am not willing to hold any longer. It seems that the foundation is losing track of their vision. Yes, the price is holding tight but I dont believe in the team behind it anymore unfortunately. Good luck if you are still holding
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