Nevermorejk
Long

ZEN - zencash trading opportunity

BITTREX:ZENBTC   Horizen / Bitcoin
ZEN has formed a long term channel with a slow uptrend.

After a blow off top it has retraced to the bottom of this channel. I just bought back half of my original position (Sold in a previous post)

I have buy orders down to the lower support which it has wicked to in the past, but I am comfortable accumulating at this level. If it breaks this channel I will Stop out of my position and look for a new buying opportunity.

Selling at the top of this channel has been a successful strategy, though keep in mind it will likely break above this channel during the next major bull market.

This is a long term Swing trade for me.

CMF and RSI show bullish divergence on the recent lows, and CMF is testing a break into positive territory for the first time in weeks. Zen was an early mover in the previous mini-alt pump, and I expect it to be again.

Recent volume has still been mostly bearish , without a significant change in the OBV. If Zen is going to hold this channel we will see the OBV pick up soon, and more buy volume on the lower time frames.

Trade active and I will be adding to this position down to the lower support, or on a confirmed bullish turn in the market.
Comment: Trade going well. Up over 20% on our entry, with plenty more room to go.

I have been placing bids along the 20 ma and the uptrend (blue trend line) to buy dips and add to this winning position.

I will collect profit if we break the trend line, if the 5 ma turns down with price below, and will close the position completely if the 5 ma crosses below the 20 ma.

VPVR shows more buying than selling at all price levels during this entire channel. More evidence that this is a long term accumulation channel with potential to break up out of it eventually.

Profit targets are marked in red resistances, or zones.

These are my own trades, I provide them for educational purposes only.

Comment: First take profit level hit. Closed 20% of my position in the Red area from previous resistance.

Possible return to trend support (blue) for a reload of my position. Close out rest if that support fails to hold.

Next attempt at 0.0041-0.00413 area will break through, when it occurs.

Comments

First Take Profit level hit and I closed out 20% of my total position.

Possible return to trend support for a new buy-in to refill position.

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I've been holding a bag since mid June and am getting a little impatient!!
Reply
Nevermorejk matt8932
@matt8932, Just curious, why did you buy in mid June? Honestly curious, not trying to be mean. Was there a plan you had where it looked like a good buy, or was it just a project you believe in?
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matt8932 Nevermorejk
@Nevermorejk, be as mean as you want: my trading techniques are in need of constructive criticism.

I had watched an interview with Rob Viglione and thought his vision of a truly decentralised cryptocurrency with nodes scattered across every town in every country to be very compelling.

I suppose you could say I drank the kool aid. I whipped open the chart, saw the upward channel and that price appeared to be bouncing off the lower trend line and I FOMOd in at around 30, hoping for at least 50% profit within a month. Very disappointed that 18 months after getting into crypto I still succumb to FOMO.

The more I see of Rob, the more I like the project, so I'm sticking with my bag.
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