Zcash is a privacy-focused fork of the original BTC blockchain. It utilizes the zk-SNARKs protocol to ensure anonymity through zero-knowledge mathematical proofs.
More info on zk-SNARKs: https://z.cash/technology/zksnarks.html
Here are some fundamental drivers working in ZCash's favor:
Bitcoin Anonymity Broken: https://btcmanager.com/bitcoin-transactions-analysis-breaks-tor-anonymity/
Decentralized Ebay OpenBazaar Accepts BCH and ZEC: https://www.trustnodes.com/2018/01/31/decentralized-ebay-openbazaar-adds-bitcoin-cash-zcash-payments
Based on the global Fibonacci, the zone is the only real significant correlation that I can find with the , as the cloud flipped there back in mid-August
I did some mapping out of the most recent Fibonacci zones that played out and walked it down to find congestion zones that aligned with that. What I got was this barebones chart with support/ resistance levels mapped out as the horizontal blue lines
The last zone will possibly see a bounce, depending on what BTC does. If BTC is pressed lower, ZEC may continue lower still. If BTC squeezes, I imagine ZEC will also squeeze to the of this move recently confirmed Fibonacci zone or beyond
This Fibonacci zone does correlate well with the , I think we are setting up for an edge-to-edge cloud break. The cloud has compressed significantly as of late and is clearly fighting a battle with whales attempting to establish a price floor.
Higher lows in price and lower lows on the indicate hidden bullishness, while the formation of a symmetrical triangle on falling indicates that a significant break in either direction on increased will be a strong indicator of future price movement. I imagine that the price will continue to consolidate here for a few days longer before we see a breakout.
Another indicator is that a golden cross is creeping up for ZEC. See the 50 and 200 MA crawling toward one another?
The potential target zone is as follows, but I'll need to do some more analysis to determine targets if the reverse breakout happens.
Target 1: 0.05824643
Target 2: 0.06949369
Target 3: 0.10027335
As always, this is not investment advice and is for educational purposes only. All opinions are my own.