Looking at the chart of ZEC, it appears to have arrived at a fork in the road. Convergence has led the price action to form this triangle, the bulls and bears are uncertain.
Some indicators: ===================================================== RSI - Around 35 to 40 on the Daily charts. MACD - Crossed into green. EMA 21 - Trading above it with a few candle closes. Volume - Pitiful and comparably low since the May highs. Momentum indicators - Show a bullish divergence but the price action is lower.
Predictions: ===================================================== Depending on how BTC does and where the price exits, ZEC will end up going to 220 or falling to 175 within a few days.
Other chart patterns: ===================================================== A small inverse H+S could be formed here, if a strong move to 220 manifests. I'm not saying that this would provide any more price action, as the EMA 25 is literally right around 220. There is many dependent factors weighing in on ZEC.
Conclusion: ===================================================== This is a risky trade, probably riskier than usual. the ratio is a potential loss of $16 per ZEC vs $29-30 for gains. In other words, about 2:1. Riskier not because of Rewards/Risk ratio, but because of overall market sentiment in the alt coins and BTC.
Finally, what is written here is not investment advice in anyway shape or form. Any investments that you choose to take in any market carries risk. What I mean is that you carry the burden of both all the loss and gain. Trade responsible!
-May BTC reach Mars before Elon Musk
Comment
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4H view, a bit cleaner.
Trade closed: target reached
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Perfect. That was just way faster than expected. I liquidated some of my position yesterday, but have decided to hold on to some of what I have right now. Perhaps a small bounce might occur later in the future.