ZEC Buy spot due to the upcoming events
This year we will have the zcash halving in mid-November.
With the halving we will also change the mining reward allocated to development, with most chances of decreasing from the current 20% to 15% or less.
Another important event will be that binance will remove the monitor tag from zec pairs ( I am taking it for granted as zcash complies with all regulations but who knows?).
The ZEC price appears to be forming a falling wedge pattern, which if it breaks upwards, the highest probability is that it will reach the first major resistance TP1.
The other 2 take profit prices are speculative according to the decline from the previous high.
With the halving we will also change the mining reward allocated to development, with most chances of decreasing from the current 20% to 15% or less.
Another important event will be that binance will remove the monitor tag from zec pairs ( I am taking it for granted as zcash complies with all regulations but who knows?).
The ZEC price appears to be forming a falling wedge pattern, which if it breaks upwards, the highest probability is that it will reach the first major resistance TP1.
The other 2 take profit prices are speculative according to the decline from the previous high.
Note
T address is being tested for Binance transfers, this is good news.Despite this, the monitor tag has not been removed for the month of July, so if it happens, it will be for October.
In technical analysis has marked a new low, excellent entry point for the long term.
In the short term the financing rate has turned negative in Binance, that is to say that the short positions pay the financing rate, and the long positions collect it. This can be understood by the fact that most traders have short positions, something that did not happen some time ago.
Note
About the negative funding rate on Binance, it has occurred due to the low open interest, but it was quickly reversed. It is not a variable to be taken into account in weekly chart.Note
TP 1 achieved!
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Disclaimer
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.