ZEC / Zcash Bullish divergence and retest - pullback to
On the ZEC daily, we’re seeing a bounce on support, although we’re in a downtrend, I expect a pullback to the EMA.
Impulse on the daily is flipflopping between yellow and red, and allows me to trade.
This means that the EMA and/or the MACD Histogram are about to turn up.
We also see some long wicks on the bottom, that seems to show that further going down is rejected.
RSI is crossing up from a totally oversold condition.
On the 4 hour chart, I have a bullish divergence and a retest of this low after that, and then it seems to turn up and going up. That lower retest was also diverging with prices on MACD-H and Elder Force Index.
The stoploss can be placed in the lower wicks we’ve seen before at 49,1. I figure if we after the retesting of the low again again will come down, we probably are going down. Especially with the current bearish background of BTC.
For that same reason, I will tighten the stoploss as soon as I see a new higher low forming on the 4H timeframe, because of these market conditions.
Entry: 51.x
Target: 57.5 to 60.70
Stoploss: 49,1
R/R ratio: 1:3,5 to 1:4,6
Impulse on the daily is flipflopping between yellow and red, and allows me to trade.
This means that the EMA and/or the MACD Histogram are about to turn up.
We also see some long wicks on the bottom, that seems to show that further going down is rejected.
RSI is crossing up from a totally oversold condition.
On the 4 hour chart, I have a bullish divergence and a retest of this low after that, and then it seems to turn up and going up. That lower retest was also diverging with prices on MACD-H and Elder Force Index.
The stoploss can be placed in the lower wicks we’ve seen before at 49,1. I figure if we after the retesting of the low again again will come down, we probably are going down. Especially with the current bearish background of BTC.
For that same reason, I will tighten the stoploss as soon as I see a new higher low forming on the 4H timeframe, because of these market conditions.
Entry: 51.x
Target: 57.5 to 60.70
Stoploss: 49,1
R/R ratio: 1:3,5 to 1:4,6