Basically we have seen ZEC take a huge drop from its previous high around 0.170 btc all the way down to 0.017 (a 90% drop). It started to recover and everyone (including myself, see linked chart) hoped that the inverted head and shoulders was going to be its path to redemption. It started to rally with bitcoin's last push upward (mid December) but didn't make it much beyond 0.05 btc.
At this point, it has fallen back into a major support resistance zone, and coupled with the bitcoin bearish trend, I would expect the price in USD will get to a point where we see a reversal in the zcash vs bitcoin. Personally, I think with all the privacy talk (Facebook selling data), privacy coins have a good chance for some attention. Zcash seems under appreciated and it seems to have finished a bubble cycle.
So what is the play?
I am probably going to set buys or open long positions between 0.026 and 0.022. If we set a new all time low (below 0.0165), all bets are off and it will need to find a new bottom.
I will add updates as this trade progresses. For now, I am of the opinion this is an excellent zone to accumulate and it is one coin I believe has serious upward potential. The Stoch is curling down which means people are still selling; hopefully the support zone holds.
**NOT INVESTMENT ADVICE/DO YOUR OWN RESEARCH**
At this point, it has fallen back into a major support resistance zone, and coupled with the bitcoin bearish trend, I would expect the price in USD will get to a point where we see a reversal in the zcash vs bitcoin. Personally, I think with all the privacy talk (Facebook selling data), privacy coins have a good chance for some attention. Zcash seems under appreciated and it seems to have finished a bubble cycle.
So what is the play?
I am probably going to set buys or open long positions between 0.026 and 0.022. If we set a new all time low (below 0.0165), all bets are off and it will need to find a new bottom.
I will add updates as this trade progresses. For now, I am of the opinion this is an excellent zone to accumulate and it is one coin I believe has serious upward potential. The Stoch is curling down which means people are still selling; hopefully the support zone holds.
**NOT INVESTMENT ADVICE/DO YOUR OWN RESEARCH**
Trade active:
Indicators looking positive on 4 hr time scale.
Trade active:
slowly building... but zcash loves to disappoint
Trade active:
adam and eve possible on weekly... fingers crossed.
Comment:
Thank you Gemini!
