$ZEC
We’re now consolidating and gathering liquidity at our expected $540 macro support for another breakout attempt. Roadmap so far has been executed to a tee.
The first touch at support gave us a 10% rally back toward $600, but price still failed to reclaim the prior swing high and has now set its fourth consecutive lower high since the $650 top.
To me, that confirms we’re still in consolidation and not yet ready for another attempt at the highs.
This is a necessary phase, and the chart’s way of rebalancing liquidity after a near-vertical expansion.
The key now is how many times this macro support gets tested. Each touch means more liquidity is being exchanged before another attempt higher.
Ideally, we don’t want to see too many touches at such an important support, since repeated tests weaken the level.
But as long as price stays above this pivot, the chart is still operating within a bullish trend.
