moon333

ZECUSD a massive bullish setup

Long
BITFINEX:ZECBTC   Zcash / Bitcoin
Hey friends, hope you are well, and welcome to the new update on Zcash.
Previously I have posted the article when the price action of Zcash formed a big bullish Gartley and so far it has produced more than 122% rally:


The long-term up-channel:
Now on the weekly chart, the price line of ZEC is moving in an up-channel and reached at the resistance, in the meanwhile, it has broken out the 25, 50, and 100 simple moving averages on the weekly chart as well.

A big bullish Shark move:
Now the price action of ZEC has formed a bigger than the previous Gartley pattern on the monthly chart. the price action cannot enter in the negative zone therefore it is not possible that the price action may move more down up to 1.13 Fibonacci retracement level. The priceline of ZEC has found firm support at $20, therefore it can be considered as a maximum extent of potential reversal zone area.

Big bullish Butterfly:
Zcash with Bitcoin pair on 2-week chart has formed a very big bullish Butterfly pattern and entered in the potential reversal zone. This potential reversal zone is very vast and in the Bitcoin market, the ZEC has no significant long-term support as well, however, it is likely to find a trend line support on the weekly chart. Therefore we should be looking for two major signals to buy the ZEC within the potential reversal zone of this butterfly pattern . First, we can wait for the exponential moving average 10 should cross up the EMA 21 on this weekly chart.

Secondly, we can use look at the Ichimoku cloud on weekly chart and wait for the conversion line to cross up the baseline. After these two major signals, we can place our buying orders in Zcash with the Bitcoin market.

Conclusion:
The price action has formed the biggest harmonic pattern in its history. Therefore there are strong chances that in long-term it will achieve the highest price in its history as well.


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