Zcash On A Critical Point. Where To Go Next?

BINANCE:ZECBTC   Zcash / Bitcoin
Since May Zcash was in a downtrend which is illustrated by the blue trend line . The critical point that still waits for a confirmation is the occurrence of the a descending triangle . A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trendline that connects a series of lower highs and a second horizontal trendline that connects a series of lows. Often times, traders watch for a move below the lower support trendline because it suggests that the downward momentum is building and a breakdown is imminent. Once the breakdown occurs, traders enter into short positions and aggressively help push the price of the asset even lower.
The breaking of the green circle point of the upper resisitance line will confirm atleast a test of the first strong resistance at 0.03 Btc on the 23.6% fib level. Otherwise if the red circle point on the lower support line broke a downward movement is expected. After confirming one of the above scenarios we might have a more clear image on the next move of the chart. If the rally is confirmed with a reversal trend an elliott wave is excpeted.
Buy Zone : 0.0247 Btc - 0.0272 Btc
Possible Short/Mid Term Targets
Target 1 : 0.030161 Btc
Target 2 : 0.033200 Btc
Target 3 : 0.035656 Btc
Target 4 : 0.038112 Btc
Target 5 : 0.041609 Btc
Good Luck.
Legal disclaimer:
Information on this channel is our team's analyst's "opinion" based on data available at this point in time. These opinions are not recommendations to buy or sell securities/ commodities and cryptocurrencies. Trading and investing is a risk and you should not rely on this data to make any financial decisions. You must consult a financial advisory licensed by regulatory agencies in your legal jurisdiction. All information stated here and in our reports don't guarantee any possible profits or losses. Please do consider to do your own due diligence and research when making any kind of a transaction with financial implications. With Regards. TeamTWA.


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