Overcoming Resistance? A ZCash Structural Wave 3?
Following the explosive failure we saw at the end of September, which formed a bearish wick, Zcash has been in consolidation mode. Currently, massive resistance at the major fibo resistance and the classic fibo resistance stand in the way of prices heading higher than $297. Data from this pair shows us that price likes to return to the fibo resistance level - in this case, $357. This means we could see the massive resistance taken out, the formation of a higher high, followed by a new structural wave. A break of the all time high at $455 give us a BIG breakout buy signal for a MIN TP of $525 and a MAX TP of $613.
Alternatively, we may breach the uptrend line and trade near the major classic fibo support at $190. A break of the white trend line could bring prices as low as $150 and $125.
Our strategy should also take into account the ZECBTC chart. Note that we are currently in a descending channel in that pair, and the formation of new highs in the USD chart might need to be accompanied by a break of that descending channel.
As always, I'll be updating this thread with long and short ideas at smaller time frames.
Cheers and GLWT!
-Erik
Alternatively, we may breach the uptrend line and trade near the major classic fibo support at $190. A break of the white trend line could bring prices as low as $150 and $125.
Our strategy should also take into account the ZECBTC chart. Note that we are currently in a descending channel in that pair, and the formation of new highs in the USD chart might need to be accompanied by a break of that descending channel.
As always, I'll be updating this thread with long and short ideas at smaller time frames.
Cheers and GLWT!
-Erik
Comment:
Not clear if we are consolidating to get to "D" or if we already reached it and will head toward the trendline.
Trade closed: target reached:
Comment:
Yeah, let's skip consolidation and go straight to the breakout. This could go straight to $400 ;)
Comment:
No we consolidated... breakout next?
Comment:
Right shoulder broke down in the right chart :(
Comment:
The $291 to $297 confluence level has been putting up quite the fight. No plans to get involved until this is resolved.
Comment:
We got above the confluence level we've been watching. Now we need a day close above it.
Comment:
The pink channel is putting up a alot of resistance....above that, though, its big bucks.
Comment:
Trade closed: target reached:
Waiting for next pattern.
Comment:
Fibo resistance is tough, but if we get through it next target is $393ish
Comment:
Idea invalidated. Thread closed! Can't win them all.
