Decred may be in a variation of an alternative wyckoff re-accumulation cycle right now. It's showing many similarities to the first schematic with a few variations in it. I believe it's shown a Sign of Strength and is at the initial Last Point of Support right now.
One of the major factors for my long term investment in Decred was it's price action in 2017. Let's take a step back and see how it's performed in since the pandemic drop against a basket of "blue chips". This is in % scale so this compares raw performance of all these coins against each other. Decred is winning handily year-over-year.
Accumulations are meant to shake out retail. The bearishness from joe sixpack this week supports this theory. We just broke down through the range but the buyback has been very promising. If this can continue to gain momentum back into the trading range then this could be considered a Spring within the accumulation schematic.
Spitballing on the macro pitchfork I've been watching. 50% drawdowns from the top on both pullbacks I've highlighted in yellow. Corrections and consolidation only raise the ceiling of how high we can go.
I'm noticing a pitchfork trend forming during the past 5 months of this bull run. Pitchforks can be invalidated by sustaining a trend change. I'd say there's a high chance that this will eventually be invalidated by trending at a higher angle.
Decred has managed to form a trading range which makes me much less bearish than before. As long as we can remain in this trading range there's a setup for an end-to-end to pop us back into the 0.0017's.
Here's an update on that falling wedge I posted earlier about. Looks like it head faked down and then reversed back up to confirm the breakout, sending us into a short term trend reversal.
$DCR $DCRBTC #decred
Decred has had a drawn out retracement almost back to the starting line. It's currently forming a descending wedge which could be set up for a reversal. The setup would be a breakout of the falling wedge forming the right shoulder of an inverse H&S setup which would propel us back to retest local highs.
Monthly DCR/USD MACD just flipped green for the first time ever. If it can hold onto this until the monthly close sets it in stone, it would be a strong signal of the beginning of a sustained trend change.