Every flip we have recorded, and what the price did next.
A flip is written when its candle closes and is never edited afterwards.
What happened after Zcash's daily flips
After bullish flips the median price was higher 90 days later, and lower after bearish flips. That is the past, not a forecast. Both medians are within the range of ordinary days.
| Which flips | Days later | Flips counted | Median change | Range of the median | Ordinary days | Against ordinary days |
|---|---|---|---|---|---|---|
| After bullish flips | 7 | 54 of 54 | 0.0% | −4.1% to +5.1% (92%) | −3.8% to +4.0% | within the range of ordinary days |
| 30 | 54 of 54 | −0.2% | −6.1% to +16.6% (92%) | −10.0% to +10.2% | within the range of ordinary days | |
| 90 | 52 of 54 | +2.8% | −14.3% to +12.4% (93%) | −14.2% to +16.4% | within the range of ordinary days | |
| After bearish flips | 7 | 54 of 55 | −1.8% | −3.0% to +1.4% (92%) | −3.8% to +4.0% | within the range of ordinary days |
| 30 | 54 of 55 | −2.3% | −10.0% to +6.6% (92%) | −10.0% to +10.2% | within the range of ordinary days | |
| 90 | 53 of 55 | −3.5% | −15.5% to +5.9% (90%) | −13.3% to +17.5% | within the range of ordinary days | |
| Any day since 25 Apr 2019, for comparison | 7 | 2,711 days | +0.2% | – | – | – |
| 30 | 2,688 days | +0.3% | – | – | – | |
| 90 | 2,628 days | −0.1% | – | – | – | |
| All tracked coins on the same dates as the bullish flips | 7 | 54 flips on 54 days | −0.3% | −3.1% to +2.9% (95%) | 49% up | – |
| 30 | 54 flips on 54 days | −3.4% | −8.1% to +8.4% (95%) | 48% up | – | |
| 90 | 52 flips on 52 days | −15.5% | −24.8% to −2.8% (95%) | 41% up | – | |
| All tracked coins on the same dates as the bearish flips | 7 | 54 flips on 54 days | −0.8% | −5.4% to +2.6% (95%) | 44% up | – |
| 30 | 54 flips on 54 days | −5.2% | −13.9% to +1.7% (95%) | 43% up | – | |
| 90 | 53 flips on 53 days | −18.3% | −25.9% to −2.5% (95%) | 39% up | – |
Flips counted: 4 of 5 means four of the five flips are old enough for that many days to have passed. Each median uses only those; with an even number of flips it is the lower of the two middle results.
Range of the median: worked out from the flips' own results, with no assumptions about them. The share in brackets is how often a range built this way holds the true median; with fewer than 6 flips it runs from the lowest result to the highest.
Ordinary days: the median of the same number of ordinary days from the same period lands in this range 95 times in 100. A median is called within the range of ordinary days unless it falls outside it. About 1 cell in 20 falls outside by chance alone.
Same dates: for each flip, the median result of all tracked coins over the same days, and the share of them that ended up. These are medians and shares; by averages the picture can differ. Coins move together, so flips on the same days count as fewer independent periods than flips.
Their range is where the median lands 95 times in 100 when whole calendar months of flips are drawn again at random. With fewer than 30 independent periods or 30 months behind a row, its median and range say too few independent periods to compare.
The latest four flips are too recent for some of the columns: each median uses only the flips whose window has passed.
Prices are daily closes on Binance. Returns are measured from the close of the flip candle.
What we tested
We tested 56 different settings and filters for the trend line, on daily and weekly candles (100 rule-and-timeframe combinations), on 129 coins that have at least three years of history (128 excluding Bitcoin for the setting grid). Hourly (4h) and monthly lines and the Bitcoin-priced lines were not tested. Out of sample means January 2022 to October 2026: one mostly falling stretch, with survivors only.
For altcoins on daily candles, after 2022, settings from factor 2 to 3 gave similar results (30-day gap between what followed bullish and bearish changes 2.4 to 5.0 points, against 3.4 for the published setting; none of the 90-day differences was clear). Before 2022 the published setting was at the low end of that range, and a factor 1.5 line was clearly worse in both periods. For Bitcoin, one series with 45 daily flips since 2022, the evidence is too thin to defend or replace its setting. That the published setting sat in a flat area does not show it was chosen without hindsight.
Rules that wait for extra closes, demand a margin beyond the line, or use a slower factor changed the label less often or later. They did not clearly raise how well it separated what followed after 2022, and the margin rules fell further from the peak before turning bearish. Rules that go neutral when the trend looks weak (ADX, Choppiness, efficiency ratio) made the label change more often, not less (daily: 15 to 86 changes per coin-year against 14), and the flips they let through were followed by much the same results as the rest.
For altcoins on weekly candles the published setting sits next to a cliff: a wider band changed state later and separated what followed less (90-day gap down 12 to 26 points; the calendar-based intervals are wide, 19 quarters). Bitcoin's weekly line has only 4 flips since 2022 and shows no such pattern.
Coins change state together: on 69% of coin-days a coin's daily state matched Bitcoin's (about 50% would be expected by chance; 63% to 65% in 2025 and 2026, 80% in 2022). After 2022 the 30-day median gap between bullish and bearish changes was +3.3 points, but 'about zero' (-0.2, range -0.7 to +0.2) once each change is compared with all coins on the same dates. That holds for medians; by averages the same-date gap is +2.4 points [0.2, 5.2], driven by a few large rises. The calendar-based range of the raw gap includes zero.
Only coins in today's list have a record here; coins that left the list before 1 Oct 2026 are missing, which tends to make past results look better than they were for the coins of that time. Each coin's ordinary-day row shares this, so compare the two.
The study's notes and tables are kept with the project's research files.
How soon flips were reversed
| Which flips | Flips | Reversed within 3 candles (3 days) |
|---|---|---|
| After bullish flips | 54 | 1 of 54 |
| After bearish flips | 55 | 0 of 54 |
A flip counts as reversed when the next flip came within 3 candles, 3 days. A flip is only counted once 3 candles have closed after it.
Zcash's daily line has flipped 14.7 times a year since 25 Apr 2019.
Zcash, daily flips: 109 flips
Each figure is the price change from the flip price: 7, 30 and 90 days later, and at the next flip. Green means the price rose and red that it fell, whatever the flip said.
| Candle closed | Flipped to | Price at the flip | 7 days later | 30 days later | 90 days later | Until the next flip |
|---|---|---|---|---|---|---|
| 1 Oct 2026Lasted 1 day so far | Bear | $1,336 | not yet | not yet | not yet | −2.6% so far |
| 19 Aug 2026Lasted 43 days | Bull | $565.17 | +44.4% | +176.4% | not yet | +136.3% |
| 27 Jul 2026Lasted 23 days | Bear | $476.76 | +1.4% | +71.2% | not yet | +18.5% |
| 7 Jul 2026Lasted 20 days | Bull | $483.60 | +16.7% | +3.9% | not yet | −1.4% |
| 27 May 2026Lasted 41 days | Bear | $542.28 | +14.4% | −22.7% | +41.6% | −10.8% |
| 20 May 2026Lasted 7 days | Bull | $673.54 | −19.5% | −29.2% | −24.4% | −19.5% |
| 16 May 2026Lasted 4 days | Bear | $511.34 | +23.4% | +1.4% | −3.5% | +31.7% |
| 1 May 2026Lasted 15 days | Bull | $384.97 | +59.3% | +47.8% | +22.1% | +32.8% |
| 19 Apr 2026Lasted 12 days | Bear | $301.41 | +17.8% | +90.4% | +85.4% | +27.7% |
| 7 Apr 2026Lasted 12 days | Bull | $320.78 | +10.4% | +79.2% | +41.1% | −6.0% |
| 21 Mar 2026Lasted 17 days | Bear | $219.79 | −2.8% | +42.0% | +116.9% | +45.9% |
| 16 Mar 2026Lasted 5 days | Bull | $276.87 | −17.5% | +24.9% | +70.7% | −20.6% |
| 27 Feb 2026Lasted 17 days | Bear | $219.35 | −4.2% | −2.0% | +149.6% | +26.2% |
| 14 Feb 2026Lasted 13 days | Bull | $323.52 | −19.7% | −14.4% | +59.3% | −32.2% |
| 8 Jan 2026Lasted 37 days | Bear | $421.96 | −1.8% | −43.0% | −23.3% | −23.3% |
| 27 Dec 2025Lasted 12 days | Bull | $516.10 | −0.9% | −28.8% | −58.2% | −18.2% |
| 11 Nov 2025Lasted 46 days | Bear | $443.43 | +41.0% | +1.7% | −45.8% | +16.4% |
| 21 Aug 2025Lasted 82 days | Bull | $42.56 | −0.2% | +18.9% | +1,485.3% | +941.9% |
| 30 Jul 2025Lasted 22 days | Bear | $38.45 | −6.0% | +4.6% | +721.5% | +10.7% |
| 8 Jul 2025Lasted 22 days | Bull | $43.70 | +0.2% | −12.8% | +256.9% | −12.0% |
| 13 Jun 2025Lasted 25 days | Bear | $45.27 | −10.9% | −6.4% | +5.9% | −3.5% |
| 1 May 2025Lasted 43 days | Bull | $37.41 | +12.3% | +34.1% | +2.8% | +21.0% |
| 7 Apr 2025Lasted 24 days | Bear | $33.84 | −8.0% | +19.7% | +16.2% | +10.5% |
| 25 Mar 2025Lasted 13 days | Bull | $36.51 | +11.3% | −6.1% | +13.8% | −7.3% |
| 7 Mar 2025Lasted 18 days | Bear | $32.99 | −2.0% | +8.5% | +44.2% | +10.7% |
| 2 Mar 2025Lasted 5 days | Bull | $41.27 | −27.7% | −1.5% | +21.6% | −20.1% |
| 31 Dec 2024Lasted 61 days | Bear | $56.27 | −7.1% | −21.9% | −30.0% | −26.7% |
| 23 Dec 2024Lasted 8 days | Bull | $65.84 | −11.5% | −26.4% | −52.9% | −14.5% |
| 16 Dec 2024Lasted 7 days | Bear | $56.45 | +16.6% | −1.9% | −41.9% | +16.6% |
| 21 Nov 2024Lasted 25 days | Bull | $45.37 | +22.8% | +18.2% | −20.3% | +24.4% |
| 13 Nov 2024Lasted 8 days | Bear | $38.67 | +7.2% | +55.3% | −14.4% | +17.3% |
| 10 Oct 2024Lasted 34 days | Bull | $33.85 | +6.8% | +36.1% | +48.4% | +14.2% |
| 26 Aug 2024Lasted 45 days | Bear | $36.74 | −19.7% | −22.8% | +43.2% | −7.9% |
| 8 Jul 2024Lasted 49 days | Bull | $20.47 | +37.9% | +58.8% | +43.0% | +79.5% |
| 8 Jun 2024Lasted 30 days | Bear | $22.97 | −1.4% | −10.9% | +17.4% | −10.9% |
| 20 May 2024Lasted 19 days | Bull | $25.03 | +7.9% | −19.8% | +70.9% | −8.2% |
| 18 Mar 2024Lasted 63 days | Bear | $27.54 | +10.2% | −23.6% | −17.0% | −9.1% |
| 16 Feb 2024Lasted 31 days | Bull | $22.66 | +18.4% | +29.1% | +4.5% | +21.5% |
| 6 Feb 2024Lasted 10 days | Bear | $19.22 | +8.4% | +77.1% | +18.9% | +17.9% |
| 11 Jan 2024Lasted 26 days | Bull | $24.43 | −7.9% | −14.5% | +10.7% | −21.3% |
| 11 Dec 2023Lasted 31 days | Bear | $30.40 | −4.8% | −26.6% | +11.0% | −19.6% |
| 4 Dec 2023Lasted 7 days | Bull | $31.71 | −4.1% | −21.1% | −0.3% | −4.1% |
| 21 Nov 2023Lasted 13 days | Bear | $26.80 | +8.3% | +11.9% | +0.3% | +18.3% |
| 23 Oct 2023Lasted 29 days | Bull | $27.26 | +4.5% | +4.5% | −14.3% | −1.7% |
| 9 Oct 2023Lasted 14 days | Bear | $25.57 | +0.1% | +17.5% | −14.3% | +6.6% |
| 22 Sep 2023Lasted 17 days | Bull | $26.68 | 0.0% | −3.0% | +12.4% | −4.2% |
| 15 Aug 2023Lasted 38 days | Bear | $28.14 | −11.2% | −10.0% | +5.2% | −5.2% |
| 13 Jul 2023Lasted 33 days | Bull | $32.86 | −5.1% | −11.0% | −23.6% | −14.4% |
| 7 Jul 2023Lasted 6 days | Bear | $29.58 | +7.7% | −0.7% | −8.4% | +11.1% |
| 23 Jun 2023Lasted 14 days | Bull | $28.76 | +17.7% | +10.4% | −9.3% | +2.9% |
| 5 Jun 2023Lasted 18 days | Bear | $29.30 | −14.0% | +8.4% | −15.5% | −1.8% |
| 28 May 2023Lasted 8 days | Bull | $34.20 | −6.7% | −11.5% | −27.2% | −14.3% |
| 19 Apr 2023Lasted 39 days | Bear | $38.20 | −4.5% | −12.3% | −18.2% | −10.5% |
| 23 Mar 2023Lasted 27 days | Bull | $38.10 | −0.8% | −1.0% | −28.3% | +0.3% |
| 3 Mar 2023Lasted 20 days | Bear | $39.60 | −18.9% | −7.6% | −20.5% | −3.8% |
| 4 Jan 2023Lasted 58 days | Bull | $40.70 | +8.8% | +15.5% | −7.1% | −2.7% |
| 16 Dec 2022Lasted 19 days | Bear | $41.00 | −3.9% | +9.3% | −17.3% | −0.7% |
| 1 Dec 2022Lasted 15 days | Bull | $44.90 | +0.2% | −16.9% | −1.1% | −8.7% |
| 8 Nov 2022Lasted 23 days | Bear | $42.20 | −3.1% | +6.6% | +2.8% | +6.4% |
| 26 Oct 2022Lasted 13 days | Bull | $55.20 | −8.9% | −24.8% | −19.6% | −23.6% |
| 19 Aug 2022Lasted 68 days | Bear | $62.20 | −1.8% | −14.1% | −36.2% | −11.3% |
| 30 Jul 2022Lasted 20 days | Bull | $65.10 | +3.8% | −2.0% | −17.4% | −4.5% |
| 25 Jul 2022Lasted 5 days | Bear | $54.30 | +15.7% | +24.5% | −2.2% | +19.9% |
| 16 Jul 2022Lasted 9 days | Bull | $63.30 | −6.5% | +16.6% | −20.9% | −14.2% |
| 13 Jun 2022Lasted 33 days | Bear | $65.70 | −0.9% | −16.1% | −2.1% | −3.7% |
| 17 May 2022Lasted 27 days | Bull | $114.70 | −12.6% | −48.6% | −35.7% | −42.7% |
| 5 Apr 2022Lasted 42 days | Bear | $165.60 | −11.0% | −24.2% | −64.9% | −30.7% |
| 28 Feb 2022Lasted 36 days | Bull | $118.70 | −7.7% | +61.7% | −22.2% | +39.5% |
| 18 Feb 2022Lasted 10 days | Bear | $109.00 | −2.0% | +59.4% | −3.9% | +8.9% |
| 5 Feb 2022Lasted 13 days | Bull | $116.00 | +1.6% | −5.5% | +6.7% | −6.0% |
| 3 Dec 2021Lasted 64 days | Bear | $206.20 | −22.7% | −25.8% | −37.4% | −43.7% |
| 21 Nov 2021Lasted 12 days | Bull | $229.40 | +5.1% | −29.3% | −51.1% | −10.1% |
| 16 Nov 2021Lasted 5 days | Bear | $165.70 | +32.0% | −8.1% | −27.3% | +38.4% |
| 9 Nov 2021Lasted 7 days | Bull | $200.10 | −17.2% | −18.0% | −35.6% | −17.2% |
| 27 Oct 2021Lasted 13 days | Bear | $147.10 | +14.4% | +67.6% | −38.6% | +36.0% |
| 9 Oct 2021Lasted 18 days | Bull | $127.60 | −1.2% | +33.9% | +9.4% | +15.3% |
| 7 Sep 2021Lasted 32 days | Bear | $136.40 | −1.9% | −8.1% | +31.8% | −6.5% |
| 5 Sep 2021Lasted 2 days | Bull | $172.80 | −24.0% | −28.8% | +8.6% | −21.1% |
| 30 Aug 2021Lasted 6 days | Bear | $141.20 | +21.2% | −26.6% | +70.8% | +22.4% |
| 28 Jul 2021Lasted 33 days | Bull | $105.88 | +11.5% | +43.8% | +52.2% | +33.4% |
| 17 May 2021Lasted 72 days | Bear | $235.52 | −36.7% | −41.7% | −34.3% | −55.0% |
| 5 May 2021Lasted 12 days | Bull | $292.01 | −4.1% | −46.8% | −60.9% | −19.3% |
| 19 Apr 2021Lasted 16 days | Bear | $225.55 | +0.7% | −35.2% | −58.3% | +29.5% |
| 29 Mar 2021Lasted 21 days | Bull | $149.18 | +32.1% | +61.3% | −27.8% | +51.2% |
| 24 Mar 2021Lasted 5 days | Bear | $127.67 | +23.9% | +72.6% | −16.6% | +16.8% |
| 13 Mar 2021Lasted 11 days | Bull | $156.12 | −0.7% | +41.8% | −20.1% | −18.2% |
| 23 Feb 2021Lasted 18 days | Bear | $127.13 | −5.2% | −3.2% | +17.3% | +22.8% |
| 9 Feb 2021Lasted 14 days | Bull | $108.77 | +43.1% | +39.6% | +160.9% | +16.9% |
| 21 Jan 2021Lasted 19 days | Bear | $82.92 | +4.7% | +97.9% | +186.2% | +31.2% |
| 9 Jan 2021Lasted 12 days | Bull | $78.44 | +37.8% | +24.9% | +148.2% | +5.7% |
| 10 Dec 2020Lasted 30 days | Bear | $65.96 | +12.6% | +18.9% | +112.0% | +18.9% |
| 6 Nov 2020Lasted 34 days | Bull | $61.57 | +6.9% | +21.2% | +46.2% | +7.1% |
| 16 Oct 2020Lasted 21 days | Bear | $62.59 | +1.1% | −2.3% | +78.5% | −1.6% |
| 30 Sep 2020Lasted 16 days | Bull | $64.10 | −4.1% | −9.2% | +1.9% | −2.4% |
| 11 Aug 2020Lasted 50 days | Bear | $80.88 | +2.8% | −23.3% | −27.8% | −20.7% |
| 18 May 2020Lasted 85 days | Bull | $48.07 | −4.4% | +10.1% | +77.4% | +68.3% |
| 11 May 2020Lasted 7 days | Bear | $39.68 | +21.1% | +39.1% | +131.9% | +21.1% |
| 6 Apr 2020Lasted 35 days | Bull | $37.56 | −4.8% | +12.6% | +36.2% | +5.6% |
| 16 Feb 2020Lasted 50 days | Bear | $60.00 | +5.5% | −58.2% | −29.1% | −37.4% |
| 5 Jan 2020Lasted 42 days | Bull | $30.81 | +15.3% | +108.8% | +7.2% | +94.7% |
| 17 Dec 2019Lasted 19 days | Bear | $27.73 | +1.2% | +83.2% | −11.0% | +11.1% |
| 9 Dec 2019Lasted 8 days | Bull | $30.93 | −4.6% | −0.2% | +38.5% | −10.3% |
| 18 Nov 2019Lasted 21 days | Bear | $34.66 | −21.5% | −15.5% | +73.1% | −10.8% |
| 25 Oct 2019Lasted 24 days | Bull | $37.11 | +1.5% | −26.5% | +33.7% | −6.6% |
| 22 Sep 2019Lasted 33 days | Bear | $46.13 | −18.2% | −22.3% | −38.6% | −19.6% |
| 16 Sep 2019Lasted 6 days | Bull | $48.62 | −9.3% | −26.4% | −32.4% | −5.1% |
| 10 Jul 2019Lasted 68 days | Bear | $97.02 | −23.9% | −39.4% | −62.4% | −49.9% |
| 14 May 2019Lasted 57 days | Bull | $67.51 | +10.4% | +30.1% | −15.8% | +43.7% |
| 25 Apr 2019Lasted 19 days | Bear | $61.89 | −3.0% | +16.8% | +14.7% | +9.1% |
How to read this
Closed candles only
Flips are computed on closed candles only, so a flip never appears and then vanishes while a candle is still open. The ledger is append-only. When the rules change, the rule set gets a new version number and the old entries stay exactly as they were.
Compare with any day
The comparison rows show what the price did after any day since 25 Apr 2019, from the first flip on these candles on, so they cover the same period as the flips. A row that rests on fewer starting days than four times its number of days says too little history.
A small sample
109 flips, but they are not independent: many fall in the same market moves, so there is less evidence here than the count suggests. The numbers describe the past and are not a forecast, and nothing here is advice.