Meteorite777
Long

Bullish Divergence: ZEC/USD

BITFINEX:ZECUSD   Zcash / U.S. Dollar
I see two possible bullish divergences on ZEC/USD marked by the teal and green arrows.

I am looking to enter long until at least the pink dotted downtrend line around $170. If we break that we should look to test the Fibonacci retracement levels starting with 0.236 with possible target orders around 250-275. Riskier traders could wait and see if 0.236 provides tough resistance or if it breaks and assess from there.

RSI has shown two bullish divergences along with ADX/DMI showing no strong trend one way or the other. DMI+ and DMI- have been criss-crossing with no real direction and coming at the end of a bear move this could signal weakness in the prevailing trend and a new bullish trend about to take hold. If we see a strong cross of DMI+/DMI- and ADX rise sharply; then I would follow whichever way the wind blows. I lean bullish in the context of the other indicators and the bullish divergences however.

Take a look at the chart for yourself and glean from it what you will.

Best of luck and happy trading!
-Meteorite777

you are wrong
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