ZEC got pumped yesterday, probably because it's a booming company with great turnover and massive revenue :) (sarcasm guys :). Just a joke, don't get offended please :). Anyway, price went up pretty much, even when Bitcoin made a small drop it went higher. But it seems the fun is over for now at least. Think we can expect a drop towards the 310/340, can't give a more exact target because i can't judge how strong it still is. Seems it dropped out of a rising wedge, and testing the resistance now with low volume. Now normally this would be an easy trade, but liquidity is extremely low with Alts like this, it can get pumped very easily. I have shorted it at 365 with a stop around 378 and a target around 330. My position size is small on this one, actually every alt coin because the risks are always very high.
Comment
⋅
I am lowering my stop now towards my entry level
Comment
⋅
Stop at entry level now, looking very good now. If we drop in this pace, maybe 310 is even possible. I will close my position around 335,325/315, so in 3 portions. it's hanging on a small support now, Bitcoin is dropping also on a support now but will probably make another small drop, that could take us to our targets
Comment
⋅
Seems like a small bear flag in the making. Taking a small profit here is never a bad idea!
Comment
⋅
Pump and dump, think it's time to put certain people in jail if you ask me
Comment
⋅
I have closed 2 out of 3 parts of my position at 335 and 325, lowering stop to 336 for the remaining
Comment
⋅
Depending on Bitcoin of course, looks like a temp low is set and the rally has created a bull flag so far. So if Bitcoin makes a correction, ZEC could rally towards the 400
Comment
⋅
So we have a breakout already, price should move towards the 400 now
Comment
⋅
Could be seeing something like this, as long as the 335/330 holds, this (this timeframe) uptrend stays intact
Comment
⋅
So far still following the blue line, should go higher from here, there is still some room to go lower but ideally it goes up now
Comment
⋅
Buyers need to show some confidence and push above the previous high, if they can't that this whole thing could turn into a bearish wedge
Comment
⋅
The rally seems to be failing, i am not sure yet of the trend line, from which it just fell out off, but it seems to be real. This could mean, that if the 335 breaks, it could drop towards the previous low again
Comment
⋅
Seems that they turned it into a bullish triangle, bulls seem to be fighting back now. Things chance if it breaks the previous high around 367
Comment
⋅
On request, since that last rally was a fake one, it's almost certain it will drop. This small triangle gives a target around 315 and the 300/320 area is a big support level. Can't say if it will hold of course, will depend on what Bitcoin will do, but so far it has been pretty weak. If bulls manage to push it above 350 again, than things will look much better
Zcash was not pump you must check first if there was some great news. ZCASH get license in NY and also was listed on gemini. They also invested in Starkware industries few days layer.
dfs.ny.gov/about/press/pr1805141.htm
"probably because it's a booming company with great turnover and massive revenue" ... hahah ... it's a funny but good point ... far too many in the crypto world forget or don't realize that many of these alts are are simply ideas in a manipulated market that will one day in the not so far away future be dust ... (not saying ZEC will or not ... it very well might be along with 95% of every other "coin" on the market)
botje11
⋅
@BlurShines, Exactly, nobody knows how the future will look like, it's all speculating (gambling). I just find it crazy that because it got listed on a new exchange, it gets pumped like this. Even if ZEC will become a currency in the future, IMO it really won't make a difference that more people are able to buy it now. Think a whole lot more is needed for it to become an established currency. But it works, so why not use it :). Don't even want to know how many people had this inside information
dfs.ny.gov/about/press/pr1805141.htm