Luettis
Long

Zcash in motive wave 1

BITFINEX:ZECUSD   Zcash / U.S. Dollar
With the good momentum of the whole cryptomarket Zcash fighted back to the last support level (orange swing trend line ).
This resistance line is the first test of the positive trend and if Zcash breaks through then it could fint its way up to the long descending trend line (dotted). That will be the second important resistance line, formed out of a fib retracement and also a swing trend line .
This point could be the end of the first motive wave, before entering a consolidation along this line and regaining force for the next effort - entering motive wave 3.

As long as Zcash stays below the descending trend line it continues the bearish cycle, so to prove the new EW-wave it has to break this line (motive 2 to 3 at least).

Indicators:
RSI: low but rising
ADX: much momentum, AD- is lowering but AD+ has not yet entered the positive zone
= > perhaps there is not enough dynamic to break through resistance immediately

Stop: if Zcash breaks through support at 232$
Mar 27
Trade active:

Zcash now in corrective wave 2
Mar 29
Trade closed: stop reached
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