1D Chart: *Zcash is in a downtrend on the daily timeframe *150-151 area is recent significant structure on the daily timeframe *price pulling back making inside return into structure
4H Chart: *price breached signicant structure and broke it around 150-151 handle *price has held beneath this structure on the 4H *sellers showing stronger momentum vs the buyers (as displayed on the chart) *watch and see how buyers react at structure around the 150-151 mark *IF we see some seller strength come in and good risk/reward it could be a good potential short setup
ALWAYS make sure to have a plan when trading in any financial market. Follow the plan and be discipline with risk and make sure to IMPLEMENT these principles not just know them. Action>Talk. Never risk more than 2% of trading capital per-setup.
ZCASH/Dollar short had a strong reaction from this level by the sellers. As you can see on the 1H timeframe chart the seller came in at that significantly structure around 151 and shot the market down aggressively(showing interest). Short is in good profit.
bdfulker2
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WE have broken through 1 of the shorter term resistences working the second currently. Then once we break through $153-160 trend then resistence. We have some room to move.
JosePips
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@bdfulker2, I always use my larger timeframe as the bias for my trades. More data, more sentiment.
JosePips
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@bdfulker2, it could always move to the upside I don't know. I base my trades on a few different factors.
bdfulker2
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@JosePips, It basically went to the height we predicted. The question is are we now in a corrective wave 4 of a larger wave 1 or was the upward movement we just had the corrective wave. I think we will find out shortly and it will also be based off what BTC does. But you were spot on. As you can tell I had the price right but now the exact time. We have now fallen through that upward trend line and have to see what the market does from. Happy trading