ZECUSD hasn't had a Bullish cloud since all-time high. During the current bear run, it seems a bullish TK cross has happened near or in a bearish cloud several times. After each, RSI dropped and so did the price.
As of this publish, ZECUSD is in a bearish cloud with a recent bullish TK cross. Because RSI has recently been making LLs and HHs, it has plenty of downside.
PREDICTION:
Keep an eye open for a daily close above the cloud with it flipping bullish. If an Adam/Eve is forming, then another price pullback to about $24.50 might be ok.
Watch out for a bearish TK cross with price in the cloud and/or a close below the cloud.
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Since this post, almost all of crypto has gone wild..
While bitcoin has x2 since this post (and many other alts have done even better), SEED_DONKEYDAN_MARKET_CAP:ZEC dropped in price!
While SEED_DONKEYDAN_MARKET_CAP:ZEC momentarily jumped ~25% it soon lost all that plus more. At the start of the year it start massively selling off with price dropping ~27% in 9 days and daily RSI hitting 21...capitulation?
PREDICTION:
Last week was a double bottom on the daily chart. Eventually btc/eth/sol/link/etc are going to pull back or at least go sideways a bit. During that time folks will rotate into alts that haven't been moving recently and SEED_DONKEYDAN_MARKET_CAP:ZEC might be it...
- rsi and vol spike with this price action - ZECUSD looks like it is trying to reverse trend to bullbish - ZECBTC looks like it might have double-bottom forming?
If ZECUSD can maintain rsi and vol while bittycoin stays flat (or even pulls back!), then that ZECBTC might getting interesting.
@dukeofetiquette any update now going into the End of Year and 2024. Zcash continues to under perform so i'm wondering what your chart analysis would show if it does get a breakout
noam_chom
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it looks like the Adam & Eve is being attempted. What is the bullish reversal resistance? (> $28.00 ?? based on the cloud edge)
dukeofetiquette
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@noam_chom, yeah $28 seems about right. Cloud shows resistance there, VRVP suggests resistance there, and ZEC has yet to hold a close above the 50day moving average and that is currently at $27.
My prediction: Bitcoin will cool down this week and we'll start seeing some alts sell off hard while a few pump. There are alts in a much better place than ZEC (in my opinion), so those will pump and ZEC will drop.
BeerdHead
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@dukeofetiquette update any? I looked at ZEC and charted it recently seems like the low is probably in for now considering broad crypto strength continues in Q4
dukeofetiquette
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@BeerdHead, A bit late, but I would have said while I was wrong on ZEC dropping in price, it did not significantly outperform BTC (if at all?) while loads of other alts were making huge moves on BTC. I guess you haven't lost money, but you could have made more USD or BTC by trading other coins. Performance after your comment hasn't been great either...
The entire crypto market has been on an absolute tear for the last month. Eventually it is going to cool down (I'm predicting this week). Folks wanting to buy the dip before BTC takes off again will cash out their winnings on alt coins. Gonna be some big red days for alt coins if that happens...
dukeofetiquette
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@noam_chom and @BeerdHead - i updated my post and entered a long position recently, thought you might be interested.
@supergoh, Honestly, I'm hoping for a E2E move on the Weekly, which is currently between $31 and...$161. My position is small and I'm hoping for a large return over the next year.
noam_chom
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@dukeofetiquette, i'm also planning to hold long term DCA average is about $25 I think by spring 2025 it could be up near $200. would be almost 10X for relatively low risk
From mod @zAngus