ZCASH forming double bottom! Prepare for launch!
Updated
We started monitoring this asset as soon as it entered the horizontal channel and this was accompanied by the increased volume. The price formation is now looking like a double bottom and the following evidence supporting that:
1) We broke the 50 daily MA line
2) A steady increase in the volume after the second bottom and the current bar is above the 20 MA
3) A steady increase in RSI while the price was forming the double bottom pattern
To make an accurate entry we are waiting for the following:
1) Break the resistance of the most recent pick at $32.92 with good volume
2) Re-check this level as a support.
Preliminary setup:
Entry: 33.00
Take Profit: 39.95
Stop Loss: 30.23
Previous Post +20.97%
The analysis is done by Wunderbit Trading
For Weekly market reviews join our YouTube Channel: YouTube
1) We broke the 50 daily MA line
2) A steady increase in the volume after the second bottom and the current bar is above the 20 MA
3) A steady increase in RSI while the price was forming the double bottom pattern
To make an accurate entry we are waiting for the following:
1) Break the resistance of the most recent pick at $32.92 with good volume
2) Re-check this level as a support.
Preliminary setup:
Entry: 33.00
Take Profit: 39.95
Stop Loss: 30.23
Previous Post +20.97%
The analysis is done by Wunderbit Trading
For Weekly market reviews join our YouTube Channel: YouTube
Note
we broke the resistance at 32.92. The RSI is forming a new high. So far going according to plan. The price has to form a new higher high, and then our set up can be completed. The entry would be as I stated in the preliminary setup.
Note
the price went up too fast without any retracement. The set up is not valid. the price can reach 200 MA as a next resistance level, however, the risk-reward ratio will not be worth it. I am currently monitoring the short positions for DASH/USDT and ETC/USDT
BUY - SELL - REPEAT
(c) WunderTrading
(c) WunderTrading
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