ZEC analysis shows us that the current ZCash breakout was signaled after the three of four phases of price movement: accumulation, markup, and distribution. A potential markdown may be incoming. Similar to BTC, understanding price positioning for the overall market and stock couldn't be more important. In this scenario, we witnessed a price reversal around the beginning of September which initiated a false short breakout before correction within the demand and supply zone. There was significant shorting accumulation which tells me that there are a good number of short positions set by traders that were not filled making this an area of interest. The break above the moving average signaled an upward breakout which was overrun by bulls to set the current price point, with a peak of about $410 at the time of writing this. Similar to BTC, the overall markup trend is positive and a potential markdown may follow after sell interest overwhelms buy interest.
@Alex_ander thanks for the analysis. How much do you expect the price to drop? Can we see <200 levels again?
doomnometron
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@MrDazz, At the very extreme end, yes. The possibility of ZEC retesting $190 levels is possible because that was our last good support level and if you look back, that has been a strong support level since the first throwback around the end of May this year.