RSI is indicating bullish pressure in the ZECBTC pair. Chart data shows we could be looking at a corrective wave-B to revisit or at least kiss the max fibo. This would make sense, as the ZECUSD chart is showing that we may be gearing up for a structural wave 3 that might take ZCash to new all-time highs against the USD. The reason the latter is possible, despite the limits (falling below wave 1 support) within this ZECBTC pair, is that BTCUSD is set for a structural wave 5.
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We are still relatively stable here.
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Not safe to buy yet... RSI has not passed 50. Daily candle looks weak. Still appears to be a descending line.
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Updated chart:
Also, if you look at the original chart, you will see the "Wave 1 Support" line. Keep this line in mind when you are trading this pair.
Here is the ZECUSD chart as well:
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Nice rally, but still consolidating:
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ZCash remains stuck in a descending channel and is now trading below all key fibo levels and long box support zones. The uptrend line is ahead and support zones are scattered. Further downward pressure is expected. Formation of a new all-time low is possible.
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Broke the uptrend line! Man...thats gonna hurt somebody...
@agency thanks for the work, really interesting. What do you think of the wave counts now? When I look at the Weekly, it seems you might be right that 0.10 ish will be the end of the B wave. Would the C take us down to the .030s or .020s then? If so, do you think less time than the A wave took?
Trader6127
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@WillRoper, for now I would aim for 0.05 as there is still a valid uptrend line. If the uptrend line is breached then I would aim for 0.4. From its a long way down. Wave Cs and Ds are generally short within a A - E correction, but this is not the standard theory (I use modified versions that I find are more successful in the crypto world).