The triangle is the crucial area for next decision.
Based on PA this looks like there is more probability that the triangle will resolve to the upside, but nothing is certain.
Let's see how it develops.
I like how this double bottom is playing out so far.
Looking for what the price will do on the grey area to decide whether a long is plausible as per setup or not.
My red box is where I believe the price base is being formed.
So, we could have another test of the low end of the box before all this idea comes into fruition.
Let's see, could be a great trade...
Zec just took out last year's low and quickly reclaimed range lows.
- Seems to have broken the short-term bearish structure as well and the volume is picking up.
- If we can make a higher low around the daily block, I'll take a long and look to take it till mid-range as per the setup in the chart.
Context matters so I will keep a close eye on how this one...
I am not saying that I am proficient in Wyckoff schematics whatsoever, but this is an experiment that I have been studying for lately and I want to take a trade like this if it presents.
For now, only observing.
ALGO came back to retest a massive level at 0.275$ and bounce hard from it.
I believe any kind of retest of the red (intra-day) line is a buy with an upside target of 0.525$
Stop = daily close below 0.275$
6R in a matter of few weeks.
You might ask what happens when the magnet that pulls the price gets broken?
Well, this is a no brainer to me. After a huge accumulation range breaks to the upside it is not going to end up stopping 20-30- or even 50% up.
Have some crazy targets set up.
Just wait for it to break 3700 sats area at least on the daily time-frame, preferably weekly TF as well.
I'd take it to 7700 resistance zone and then 12100.
The most important level is the 3700 since price has been trading below it pretty much for almost a year and I am closely watching it.
I will add all the way up to 7700 if we get those weekly green dildos...