$ZEC 10 October 8 saw a low of 1112.77; on October 13, the next dip only reached 1123.43. Early this morning, the pullback was even shallower, turning back up at 1189.92. Three tests of the same support zone, each one shallower than the last—that difference is a sign the structure is improving.
First, let’s lay out the structure. The daily candle on October 8 fell 10.60% in a single day, hitting a low of 1112.77. On October 12, another drop of 8.58% took it to 1157.65. On October 13, the third dip reached a low of 1123.43 but closed at 1218.71, not only recovering the losses but also gaining 4.43%. All three lows landed within the 1113–1158 band.
Looking upward, the 8 a.m. hourly candle today reached 1248. Above that is 1349 from October 12, followed by the previous high of 1698. The drop from 1698 to 1113 was a third of its value, and every step back up is weighed down by trapped holders—it’s not open sky. Over the same period, $BTC also saw shallower dips, just to a much lesser extent.
This outlook comes with a condition: as long as the daily candle closes above 1123, a move toward 1248 remains in play. If it decisively breaks below 1112, all the lows from this correction will have been breached, and we’ll have to treat it as a deteriorating trend—not a pullback.
Folks, price levels are more honest than chart patterns. Draw the lines clearly before talking about direction 🍌
#ZEC #MarketStructure
First, let’s lay out the structure. The daily candle on October 8 fell 10.60% in a single day, hitting a low of 1112.77. On October 12, another drop of 8.58% took it to 1157.65. On October 13, the third dip reached a low of 1123.43 but closed at 1218.71, not only recovering the losses but also gaining 4.43%. All three lows landed within the 1113–1158 band.
Looking upward, the 8 a.m. hourly candle today reached 1248. Above that is 1349 from October 12, followed by the previous high of 1698. The drop from 1698 to 1113 was a third of its value, and every step back up is weighed down by trapped holders—it’s not open sky. Over the same period, $BTC also saw shallower dips, just to a much lesser extent.
This outlook comes with a condition: as long as the daily candle closes above 1123, a move toward 1248 remains in play. If it decisively breaks below 1112, all the lows from this correction will have been breached, and we’ll have to treat it as a deteriorating trend—not a pullback.
Folks, price levels are more honest than chart patterns. Draw the lines clearly before talking about direction 🍌
#ZEC #MarketStructure