First thing I noticed was the green consolidation area. Price has been coiling inside of it.
The red wicks look like a move to get people to FOMO and panic buy/sell. Basically shake them out out of their positions.
Then I noticed the trend has also been bouncing off the pink trendline, that, together with resistence around ~$450 makes a bullish ascending triangle pattern. Meaning we've been hitting resistance but also making higher lows.
It does look like we have popped out of the green consolidation area with a slight increase of volume.
So, so far we have:
Accumulation area with an increase in volume and moves to shake people out, which could signal a major move relatively soon.
At the same time the Zcash Trust has launched: grayscale.co/zcash-investment-trust/
We're getting close to the Sapling Release with improvements as "80% reduction of proving time, and a 98% reduction in memory usage which is a key requirement for opening up mobile support for Zcash shielded addresses."
So we have some bullish technicals aligning with fundamentals.
On the other hand, however, we have some high volatility on Bitcoin because of Bcash and are mid altcoinwinter. So those are some things to take into consideration.
The red wicks look like a move to get people to FOMO and panic buy/sell. Basically shake them out out of their positions.
Then I noticed the trend has also been bouncing off the pink trendline, that, together with resistence around ~$450 makes a bullish ascending triangle pattern. Meaning we've been hitting resistance but also making higher lows.
It does look like we have popped out of the green consolidation area with a slight increase of volume.
So, so far we have:
Accumulation area with an increase in volume and moves to shake people out, which could signal a major move relatively soon.
At the same time the Zcash Trust has launched: grayscale.co/zcash-investment-trust/
We're getting close to the Sapling Release with improvements as "80% reduction of proving time, and a 98% reduction in memory usage which is a key requirement for opening up mobile support for Zcash shielded addresses."
So we have some bullish technicals aligning with fundamentals.
On the other hand, however, we have some high volatility on Bitcoin because of Bcash and are mid altcoinwinter. So those are some things to take into consideration.