Today’s analysis – ZECUSDT – trading at a key trade location where an impulse move is probable, Points to consider, - Price Action Pivot - Range Mid Support ( Technical Confluence, Golden Pocket & 200 DMA) - Range High Resistance - Oscillators Divergence - Increasing Volume
ZECUSDT’s immediate price action is holding support with technical confluence; this allows us to have a bullish bias.
The Range Mid is being respected in confluence with the golden pocket and 200 DMA. Price Action has a high probability of bouncing here.
Immediate resistance is considered range high which has been tested recently. Breaking this level will be deemed bullish with further upside.
Both oscillators are currently neutral respectively; momentum will start to pick up when maintaining bullish control zones.
The volume profile is increasing, momentum will sustain with increasing volume, and failure is bearish.
Overall, in my opinion, ZECUSDT is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps,
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And remember,
Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets. Michael Carr