This seems like a make or break moment for ZEC, will it be able to reverse the downtrend? I expect a lot of boring PA in the coming months, trading will probably be confined in the 17 to 34 area for a while.
Note
This was much faster than expected, but the idea still holds. We could see a wick down to 15 (and maybe even more), but anything below 17 should be bought up quickly and brought back into our range.Note
Got a nice wick down to 15, which got quickly bought back up as planned.I still think we have a few more weeks/months in this range, but 99% sure bottom is in.Note
Once again, ZEC going much faster than expected.The run from basically 15$ to 45$ was impressive, and now a good correction is only natural.
Around 31$ might prove a good buy, as it's a good support and also corresponds with the usual ~30% drawdown from the highs, but I'm not in any rush to get back in right now. Got bids around 26$ in case we get a "flash dump", but I'll cancel them if we bleed down too slowly.
Basically, the bullish case for me would be a big flush followed by a quick recovery. I will long when the daily shows very clear signs of reversal (volume spike and wick probably). Gotta see momentum and energy on the chart, and if not, I believe this is headed back to 20$
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.