【Structure Watch #034|
$ZEC 4H】Lower highs, higher lows—the triangle is tightening
Previous check: ZEC was marked at 1,188–1,336 on 10/21 at 09:07. The current price of 1,226 is still within that range, and neither boundary has been touched.
At 20:00, the current price was 1,226, up 0.64% over 24 hours, with a trading volume of 1.488 billion U and an intraday range of 1,177–1,243.
① Structure: Highs have been falling and lows rising over the past 30 candles, forming a converging triangle. The range is 1,055–1,356, with a width of 28.5%. The current price is in the upper half of the range, at the 57th percentile. MA25 is at 1,205, below the current price, and its slope over the past 5 candles is -1.45%—the moving average is still pressing downward.
② Volume and price: Volume over the past 10 candles is 0.68 times that of the previous 30, indicating sustained contraction. Of the past 10 candles, 5 closed green; the green and red candles are evenly split, with neither side having a sustained edge. This volume contraction alongside the triangle suggests both sides are waiting.
③ Confluence: Overhead, the 1,241–1,356 area is capped by both Fib 0.382 (1,241) and the previous high (1,356). Below, the 1,206–1,216 area is supported by both the previous low (1,216) and Fib 0.5 (1,206). Both areas have two overlapping factors, not just a single line.
④ Positioning: The funding rate is +0.0056%, with longs paying; open interest has changed by +1.18% over 7 4H candles, essentially unchanged; the long/short account ratio is 0.97. Price is tightening, but leverage has not followed.
Areas to watch: 1,240–1,255 above, 1,202–1,216 below.
1H view: The range over the past 12 hours is 1,177–1,243. The latest close is at the 75th percentile, near the upper end.
Invalidation: If a 4H candle closes above 1,255 or below 1,202, this assessment is invalidated.
Of the two overhead lines (Fib at 1,241 and the previous high at 1,356), I’m watching the nearer one at 1,241. You may have drawn the other one.
The above is a record of market structure based on public data, not investment advice. You are responsible for your own profits and losses.
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