ZCash has re-entered the descending channel and is now trading below the key fibo level formed by the recent swing. Now we are in the long box support zone. The uptrend line was breached so a bottoming at $216 could be expected. Further downward pressure could take price to the major key fibo support at $190. A break of the second uptrend line could take the price down to the long box support at $128.
Key levels to watch to the downside:
- Trading range support at $228
- Long box support at $216
- Major key fibo support at $190
- Uptrend line
Key levels to watch to the upside:
- Downtrend line
- Key fibo resistance at $261
- Major fibo resistance at $291
See the recently updated ZECBTC thread for another perspective:
Key levels to watch to the downside:
- Trading range support at $228
- Long box support at $216
- Major key fibo support at $190
- Uptrend line
Key levels to watch to the upside:
- Downtrend line
- Key fibo resistance at $261
- Major fibo resistance at $291
See the recently updated ZECBTC thread for another perspective:
Comment:
Comment:
Popped out of the descending channel! That will be the end of it, though, I think...
Comment:
Still trading in the long box. A passing through the downtrend line will probably initiate a rally to the fibo resistance. A breakdown will lead to the key fibo level. This kind of sideways action keeps me away as its still counter-cyclical to open long trades.
Comment:
We are still within the long box, which means the chart is bullish.
