Zcash is one of the first privacy oriented altcoins and launched with massive hype a few years back. Needless to say, it went on a massive bull run last year. All gains were erased with the bear market and ZECBTC has now created a new all time low.
We are going to be looking at an early entry here, before breakout and before the consolidation is over. So please allow time for this trade to develop.
Let's start with the chart, we will look at both today, weekly and daily:
- We can spot the bear market easily by looking at this chart. The top light green horizontal line, represents the top price reached by ZECBTC . That is 0.1696 BTC back in June 2017. After that, we see the price declining all the way to September 2018, when the new all time low was hit (brown horizontal line at the bottom). You can see the , a reversal signal.
- We have on the .
- is oversold and sitting on the lows. This means we have plenty of room available for growth and that selling has been exhausted.
- Increase in bull/green . More green is needed.
- Here is the daily time frame. The on the is more pronounced here.
- You can see the same marked with a yellow circle and a very good increase in .
- Both the and have been creating higher highs and higher lows.
- Our first resistance to break stands at 0.020-0.021, from here we can move up strong.
- This will be a very low risk, high reward trade. Let's get started.
Trade instructions for Zcash by Alan Masters
Buy in: 0.0184 - 0.0195
Next support: 0.0175
Targets for ZECBTC by Alan Masters:
Stop loss: Close weekly candle below 0.0160.
Capital allocation: <15%.
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