Luettis

ZEC in descending triangle

BITFINEX:ZECUSD   Zcash / Dollar
ZEC is more correlated to BTC             than to ETH; and BTC             is weak.
The trials to break through resistance at fib retracement failed and the price fell back.
It´s now on the way to the lower limit of the descending triangle .

As ZEC is weak we have to pay attention to this line! If ZEC bounces back then we have new chances to test the upper limit of the triangle. But if it breaks through, the next support would be a swing line at 362$. ZEC would end the correction with this movement and enters a bearish path.

EMA 20: ZEC has crossed down the EMA Line = negative
Volume: low - below medium

indicators:
RSI: below 50 and falling; trend is negative
MACD: just triggered to bottom; trend is negative

Stop at or below: support(404$)
Buy at or above: leaving the triangle to the top and breaking the resistance at 487$
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