Based on the data I've gathered, we have the final stages of the triangle correction unfolding. Look for bullish divergence on the 1HR from correction wave-C and short at correction point-D. We then want to enter a long position at correction point-E. The major trend line is located at the end here, and we should not see trading below that level.
PLEASE NOTE: the movement in this USD chart is based on price action in the BTCUSD chart. Pay close attention to that pair in order to enter a long trade in the ZECUSD chart.
PLEASE NOTE: the movement in this USD chart is based on price action in the BTCUSD chart. Pay close attention to that pair in order to enter a long trade in the ZECUSD chart.
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My chart for this got deleted. But for now, we have broken the bullish trend line, which means we are heading to the major trend line. BTCUSD is king here, pay attention to what is going on over there. Also, refer to my ZECBTC chart to see how things are holding up on that front as well.
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Looks pretty bearish, overall.
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The picture here looks similarly to my Ripple analysis (check it out). Trading range support has turned into resistance. Big guys mopped up the mess to keep things alive. I'm thinking we will double bottom to create a nice divergence on the 4HR, while the fellas pick up discounted Zcash. We will see a nice distribution rally in October.
PS!!! For those following me closely, if you haven't noticed yet, all the major resistances and support seem to be converging on October 1st (including in the BTCUSD chart). Coinkydink? I think not!
PS!!! For those following me closely, if you haven't noticed yet, all the major resistances and support seem to be converging on October 1st (including in the BTCUSD chart). Coinkydink? I think not!
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SORRY SORRY SORRY! Have been busy. Let me quickly update this for you.
Note the possible shorting boxes. There are also bullish confirmations at the bottom of the possible shorting box. Why do I call this "possible"? It depends on what the market will decide to do. Volume is high, so selling on strength is a good possiblity. Thats what I would do ;)
Note the possible shorting boxes. There are also bullish confirmations at the bottom of the possible shorting box. Why do I call this "possible"? It depends on what the market will decide to do. Volume is high, so selling on strength is a good possiblity. Thats what I would do ;)
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Here is the ZECBTC perspective:
Trade closed: target reached:
Long term trade closed at $435 overnight.
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If you are looking to get back in the game, here is my current chart.
Notice I have an alternative fibo measure going. If we bounce at $280 we could see further upward movement. Its pretty risky to join at this point. Be mindful of this and potentially trade elsewhere. Also, we had massive change of supply, which could* (emphasis added) indicate liquidation by market makers. Yes, we did set a new ATH but it collapsed.
ALSO!!!! (FOR THOSE NOT FAMILIAR WITH MY TRADING STYLE). If you take a look at the ZECBTC chart you will see a totally different picture. To me, the ZECBTC chart is the TRUE pattern for this asset, while the ZECUSD pair is heavily influenced by price action in the BTCUSD chart.
I still consider ZCash to be in a consolidation here as we kissed the 0.5 fibo and retraced. Even if we went as high as the 0.786, I would still consider it a consolidation.
Notice I have an alternative fibo measure going. If we bounce at $280 we could see further upward movement. Its pretty risky to join at this point. Be mindful of this and potentially trade elsewhere. Also, we had massive change of supply, which could* (emphasis added) indicate liquidation by market makers. Yes, we did set a new ATH but it collapsed.
ALSO!!!! (FOR THOSE NOT FAMILIAR WITH MY TRADING STYLE). If you take a look at the ZECBTC chart you will see a totally different picture. To me, the ZECBTC chart is the TRUE pattern for this asset, while the ZECUSD pair is heavily influenced by price action in the BTCUSD chart.
I still consider ZCash to be in a consolidation here as we kissed the 0.5 fibo and retraced. Even if we went as high as the 0.786, I would still consider it a consolidation.
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I can't get a chart going at this moment, but if you look at the ZECUSD chart above (the latest one) you might see we are in the "long box" since $260 and kissing the uptrend line. This is a good spot to watch. The short box ends at $209, so as long as we are trading above this price point we can see an upward reversal. Bearish confirmation is $196. I'll make a new thread soon.
