ZEC corrective wave holding at 0.786 Fibonacci ratio support. Major support trend line runs just below 0.786, indicating more support. Elliot Wave cycle appears to be complete and ready to start a new impulse wave, possibly indicated by breaking the recent descending resistance line. Possible target identified by stacking the Fibonacci retracement on top of itself and targeting the 0.236 level.
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I neglected to put it on the chart, but a good entry would be at 0.1BTC, that would confirm the bullish move above the 0.618 and previous high.
Place the stop loss well below the 0.786, ascending support, and 200 Day SMA. I would go around 0.063BTC.
A good place target would be 0.18BTC. Let profits run or trail stop up to 0.265BTC at the high end.
Order cancelled
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I thought I saw something at the 0.786, but it's pretty clear now I jumped the gun and was wrong. The 0.786 support level didn't hold, the lower boundary trend line didn't hold, and price has dropped blow the long term SMA. I'll have to revisit this one later.
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I'm hoping I learned something about patience. Looking at the ZEC-USDTether chart, it appears that ZCash is breaking out of a triangle pattern and moving higher. I want to see the first impulse wave finish and retrace before I make anymore predictions.
thanks for the Aug 8th update. These ratio charts can be hard to interpret sometimes, as those 2 coins [BTC & ZEC] have a mind of their own. It all becomes clearer when looking at just the ZECUSDT chart.
cheers!
Coinmecoins
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Just pinging you. For now might be the time to revisit ;)... email me @ aleksander.wishman@gmail.com
Coinmecoins
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@Coinmecoins, ...please, when you have made a new analysis :)
hspringer20170324
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Nice, if you draw an upper channel trend-line thru (1), (3) and (5) you get a nice confirmation of the wave (5) projection at 0.265 .
I also like to look at the chart with 'Log Scale', just to see if anything else stands out. With this setting the trend forecast becomes even more bullish [possibly 0.300 to 0.400 range] for the next wave (5) projection [IMHO].
Let's hope we can get thru this weekends low with the looming Bitcoin fork.
cheers!
hspringer20170324
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thanks, great chart! i specially like the Elliott wave count projection of 0.265 in wave 5.
cheers!