ZEC looks ready to drop, again
Updated
ZECUSD hasn't had a Bullish cloud since all-time high.
During the current bear run, it seems a bullish TK cross has happened near or in a bearish cloud several times.
After each, RSI dropped and so did the price.
As of this publish, ZECUSD is in a bearish cloud with a recent bullish TK cross. Because RSI has recently been making LLs and HHs, it has plenty of downside.
PREDICTION:
Keep an eye open for a daily close above the cloud with it flipping bullish. If an Adam/Eve is forming, then another price pullback to about $24.50 might be ok.
Watch out for a bearish TK cross with price in the cloud and/or a close below the cloud.
During the current bear run, it seems a bullish TK cross has happened near or in a bearish cloud several times.
After each, RSI dropped and so did the price.
As of this publish, ZECUSD is in a bearish cloud with a recent bullish TK cross. Because RSI has recently been making LLs and HHs, it has plenty of downside.
PREDICTION:
Keep an eye open for a daily close above the cloud with it flipping bullish. If an Adam/Eve is forming, then another price pullback to about $24.50 might be ok.
Watch out for a bearish TK cross with price in the cloud and/or a close below the cloud.
Note
Since this post, almost all of crypto has gone wild..While bitcoin has x2 since this post (and many other alts have done even better), ZZEC dropped in price!
While ZZEC momentarily jumped ~25% it soon lost all that plus more. At the start of the year it start massively selling off with price dropping ~27% in 9 days and daily RSI hitting 21...capitulation?
PREDICTION:
Last week was a double bottom on the daily chart. Eventually btc/eth/sol/link/etc are going to pull back or at least go sideways a bit. During that time folks will rotate into alts that haven't been moving recently and ZZEC might be it...
LONG ZZEC w/ cost basis of $21.03.
Note
Few thoughts:- rsi and vol spike with this price action
- ZECUSD looks like it is trying to reverse trend to bullbish
- ZECBTC looks like it might have double-bottom forming?
If ZECUSD can maintain rsi and vol while bittycoin stays flat (or even pulls back!), then that ZECBTC might getting interesting.
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