Today’s chart update will be on ZECUSDT – requested by a follower! - where a visible rising wedge is forming with a clear bearish divergence.
Points to consider, - Trend traveling into apex - Bearish divergence visible - Local support at .382 Fibonacci - RSI putting in consecutive lower highs - Stochastics in upper regions - Volume declining
ZECUSDT is clearly travelling into its apex, support and resistances converging, causing price to influx. There is a bearish divergence forming which signals buyers are potentially exhausted.
Local support in confluence with the .382 Fibonacci is a potential trade location; ZEC has a high degree of probability in retracing to this level.
RSI is putting in consecutive lower highs, clearly diverging from price, putting emphasis on the bearish divergence. The stochastics is currently in upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
Volume is clearly declining; signalling that a break is imminent, confirmation will be visible when volume increases.
Overall, in my opinion, Zcash is close to its apex, a break down to support is probable, which is in confluence with the .382 Fibonacci.
What are your thoughts?
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And remember,
“A quiet mind is able to hear intuition over fear.” ― Yvan Byeajee