Zcash near resistance - breakout or down?Hello, fellow traders!
This is my analysis on Zcash (ZECUSDT).
1️⃣ Analysis
We see the price slightly above the resistance line of the weekly regression channel. With the strong bullish movements of crypto and stock markets fueled by the outcome of the election, it has shown an aggressive uptrend yesterday.
2️⃣ Expectations
We might see a consolidation (orange path) very soon and we can imagine two different scenarios after it - even more aggressive uptrend or downtrend.
3️⃣ Key approach
Our first strategy would be entering short. If we confirm a lower breakout after the consolidation, we will view that as price respecting the current trend. We will then enter short, 30.84 being our final target. We then might see another consolidation between the regression line (dotted red line) and the support line (green line).
4️⃣ Other approach
Our second strategy would be entering long. If we confirm a upper breakout instead, we might consider a possibility of stronger, more aggressive uptrend. However, keep in mind there's a major resistance at 49.44, making this approach more unlikely.
5️⃣ Considerations
There are currently no news about Zcash that might affect the price movements. The interest rate announcement this Thursday might affect the crypto market positively. However, with major resistance being right above the resistance line, price is most likely to respect the current trend. If not, I will update the post accordingly.
React, don't predict! Stay disciplined and patient. Don't get greedy and be thankful.
Ephesians 5:8-10
(You might have noticed that I changed my chart settings - am trying to stay organized and consistent with my posts from now haha)
