From what I can read from the charts, ZEC to BTC is indicating a weak market.
The volume is ridiculously high on the marked area (with text) which indicates there was a manipulation of the market (so called up thrust) where professional money dumped their holdings.
How can we see this? EXTREMELY HIGH VOLUME on NARROW SPREAD!!! With those volumes on green bars, the ZEC price should have flown up more than what it did. However it did not!, this indicates that there was plenty of ZEC being dumped for bitcoin!
The underlying market currently looks weak.
I have drawn out a [POTENTIAL buying area, but it should be of no surprise if the buy area breaks through and the prices fall even lower!
I would currently stay away from trading ZEC due to the lack of buy signals and lack of strength in the market.
If you have any questions or opinions, feel free to leave a comment.
Zcash is a great HODL! If you see recent developments then I can see a bigger picture.
1. ZEC was added to Gemini Exchange -- means now USD/ZEC pair is active.. Gemini is the exchange from which CBOE index is decided. Winklevoss twins interested in ZEC is a big deal , they are tech pioneers ... FB.. BTC... now ZEC
2. Circle added ZEC.. Biggest investor of circle is Goldmansachs...
3. A ZEC miner was recently launched...
4. ZEC is listed on majorly all exchanges...
Getting approved by toughest and highest regarded regulator in world (NY State) is a big deal. It has cleared a big regulatory hurdle.
I am buying huge ZEC to hedge against BITCOIN... ZEC functionality starts where BTC left !!! In my opinion this is a great hedge against BTC... and general crypto...Remember BCASH also had some crazy bull run and then it went down and then it made a crazy bull run...
1. ZEC was added to Gemini Exchange -- means now USD/ZEC pair is active.. Gemini is the exchange from which CBOE index is decided. Winklevoss twins interested in ZEC is a big deal , they are tech pioneers ... FB.. BTC... now ZEC
2. Circle added ZEC.. Biggest investor of circle is Goldmansachs...
3. A ZEC miner was recently launched...
4. ZEC is listed on majorly all exchanges...
Getting approved by toughest and highest regarded regulator in world (NY State) is a big deal. It has cleared a big regulatory hurdle.
I am buying huge ZEC to hedge against BITCOIN... ZEC functionality starts where BTC left !!! In my opinion this is a great hedge against BTC... and general crypto...Remember BCASH also had some crazy bull run and then it went down and then it made a crazy bull run...