Zcash - ZEC/USD 4H Chart - Levels to watch in the coming weeks

It's all on the chart.

Levels drawn from fib retracement after late April surge. Seems interesting to identify buying / selling opportunities in the short/mid-term.

Currently setting at the 0.238 fib retracement.

$55-58 Attractive R:R for a long but still risky

$47-$50 Ideal supply zone

Short and long TP as drawn on the chart (support/resistance levels) so watch these levels. Of course always keep an eye on BTC, as it will dictate the trend.

Don't hesitate to leave a like since you're around here! ;)

Best

Please note: Not a financial advice. Just charts.

Comment:

Stop loss was pretty accurate, hope you were a few $$$ below and it hasn't be triggered so you could benefit from this nice bounce.

Can't tell if it's gonna retrace now or if we're gonna push through the other resistances over night together with BTC printing $1k daily candle again... The market is just too crazy at this point.

If you wanna long this coin and you like risk you can put buy orders 5-10% under the current price to catch a dip.

If you prefer to manage the risk, I'd suggest to wait a bit and see how the BTC situation evolves. Do not forget that with the Tether sword of Damocles hanging over our heads, this whole market could be crushed overnight.

Trade safely, never forget to take your profits while you can!

Trade closed: target reached:

TP1 reached. Better wait for a retrace / correction from BTC before entering any long.

Trade closed: target reached:

All 3 targets reached in no time, mainly thanks to BTC.

ZEC has had a very quiet month compared to its comrades (+12%), so I think it has more room to go. The Ycash fork in July could be a catalyst, though it remains to be seen if it will gain some traction and have proper marketing / publicity or not.

On the contrary, one might think of the lack of growth as a sign it is dead.

Choose your side, keep a close eye on BTC moves, as this rally can't last forever, and trade safe!