ZEC: Potential bottom of the correctionI'm long $ZECEUR from 225 euros here. I think we might have seen the bottom of the current correction in it, after a 6 week uptrend ended, despite extending gains a bit higher and for longer, it took 6 more weeks from the end of the first forecasted rally, to apparently form a bottom, so, it looks reasonable to assume that the spike in $ZECEUR isn't really significant (specially when pitted against $ZECUSDT for example, or $ZECBTC pairs). I will include those charts below to further illustrate my point. As you know, I trade using a method developed by my mentor, who is a hugely succesful trader and investor, called Tim West. One of the strategies developed by him, lets you determine the trend, and predict the time duration, as well as potential targets for the current trend in the instrument at hand.
As fundamentals go, I think $ZEC is interesting to say the least, but, it raises some concerns among investors when you consider that there can be some hidden supply in it, that the market isn't aware of. I like the underperformance lately, relative to $XMR and $DASH, at least in the last month, probably related to fears connected to Alphabay ( themerkle.com ). Overall, I think this can resolve positively, and would induce a positive shock, and push $ZEC up again. I expect positive developments from the EEA, and Ethereum in the next month, there should be no shortage of bullish news for this and the broad crypto space. Keep in mind that sentiment is extremely negative right now, which is a good enough reason to pile in on the long side in our cryptocurrency basket again.
Cheers,
Ivan Labrie.
