botje11
Long

Zcash ZEC big bullish wedge, target around 200

BITFINEX:ZECUSD   Zcash / U.S. Dollar
Zcash has been making a big bullish wedge with a target around 200. But the difficult thing on this one is, the whole market looks very bearish for on the short term so it's a bit conflicting. With all wedges , the bounce up can be before touching the support line again or even a false break out to the downside before moving up. From the current movement of Bitcoin it's too dangerous to get in now. Safest play would be wait for entry below 100, since a false break out could even reach towards 90ish before invalidating the wedge completely. Or wait until it becomes clear the wedge will break on the upside.

Comment: Still inside the wedge, with average volume. It has made a small rally but no real convincing volume yet. But that's normal inside the wedge. We want to see the volume dring the breakout. We are close to the end of the wedge, so not much room left to drop again. To stay convincing it should stay above the 110ish.

Comment: Now it's really starting to look like a solid breakout. Good move up with good volume, Now it should stay above the 132/130. ZEC is one of the few alts that is in the green today.
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Dear @botje11 any uptade on this ?
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XxyLitX XxyLitX
@XxyLitX, and I have one more question ADA or ZEC has bigger risk reward what is your opininon ?
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thanks for sharing
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we have now broken out of the wedge, correct?
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If @botje11 says It is bullish then it is bullish. Just close your eyes for 1 week and enjoy rally
+1 Reply
Don't you think it follows BTC like the rest and it is unpredictable through the fraud that's going on, around BTC?
+2 Reply
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