jpbrown1023

ZEC - Fueling up the rocket ship

BITTREX:ZECBTC   Zcash / Bitcoin
Again this is not a trading market, but I would like to call your attention to ZCash. It's one of my favorites alts for this post-BTC crash/next bull run. It has great tech and is one of the best known and respected privacy coins out there. Last spring/summer, ZEC exploded almost 7x in a couple months. Since that top, it has struggled to gain any ground. In fact, it has had a 100% retracement from when it started its run in February of last year. However, all hope is not lost. Bullish divergence can be seen on both the MACD and RSI indicators. And believe it or not, bullish divergence can be seen on the MACD since July of last year! I think this is a little rocket ship ready to take off and it's been saving itself for a whole year to make this next bull run count. We have had a couple crossover fake-outs on the daily MACD , but I think its time is approaching. Price action is currently in a falling wedge , which is near completion and is approaching support at .026. Despite this bullish pattern , TA patterns mean very little during a Bitcoin correction, hence why I am leaving you this disclaimer. Trade at your own risk, but if we clear that pink trend line I will be buckling up!

Comments

BOOM! Finally some volume!
Reply
if you check carefully there is a symmetrical triangle but there is a MACD divergence since some month ago lets hope the price breaks the resistance while BTC is up
+1 Reply
jpbrown1023 Tangent1
@Tangent1, Agreed. Volume is the key. We had a little break out, but there was no volume.
Reply
Tangent1 jpbrown1023
@jpbrown1023, well I mean there is a symmetrical triangle
14-06-2017
then the other point is
26-09-2017
but I see the descending triangle, so we can expect if this triangle breaks up we reach >0.069BTC/ZEC

here is what I mean
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jpbrown1023 Tangent1
@Tangent1, I know what you're saying. I actually had that originally as we had two price points confirming support at that trend. However, once we broke the .034 mark, I had no other price point to confirm where to place the trend so I stuck to the trend lines I had.
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jpbrown1023 jpbrown1023
@jpbrown1023, .03 mark*
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jpbrown1023 Tangent1
@Tangent1, MACD also has larger symmetrical triangle formation as you noted. Both show a pattern completion around August.
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