Up and up away, unless 042x breaks its way inflation is high, but hardly a problem says i sell at the top, but dont forget your stop
I don't usually chart "shitcoins", but this chart is definetely interesting, especially combined with the probably bearish BTC action in the next 4 or 5 weeks. Price is above averages, we have good volume and a POC in the Volume by Price, so it seems to be consolidating and getting ready for a next impulse up, with a possible 100% upside target. Time to buy when...
RSI hit oversold and broken from its downtrend. That means that there is some room to the upside, but... Zcash's inflation rate is really high. It has also broken most support lines and the downside seems more probable. I can't see how 1 ZEC could be worth 0.05BTC with such high inflation and no real use cases. Nobody is really using its anonimity feature,...
ZEC has formed an HVF on 2 timeframes.. Here is our target
Bounced off 38 percent Fib - Demarker at 38 with room to run. I'm out if we close outside of the cloud, and will look for re-entry.
The fundamentals are looking good here even though I've brought us down to the 8h chart instead of the Weekly or Daily.
interesting things happen with zcash chart here
I explained in the notes WHY we have "possibilities" to play out for ZECBTC -3.03% . Remember, it's STILL in it's infancy. The note in the brown box explains.
I explained in the notes WHY we have "possibilities" to play out for ZECBTC. Remember, it's STILL in it's infancy. The note in the brown box explains.
downtrend is going, but with possibility of rally...
NOTE: I already made my main argument in the large note on the chart. ZEC looks promising. The volume we have had recently makes volume of the past look pale in comparison. This is my reasoning behind believing we may have finally come to a point where we can find support and move on to accumulation.
On the 4-hourly charts ZEC is testing the resistance of the important Ichimoku Base Line, after the Bullish Divergence occurred. Time to hit the Cloud (ie the Kumo) ;)
ZEC's downward trend has been going on practically since it's birth, although it is coming into the end of a wedge at the moment. It has not had a decent pump in a while and it's market cap is still quite low, so this could be a very good opportunity to to go long. The problem is, it could still break out to the down side, so a tight stop loss will be necessary...
It's gonna dump. Founders rewards are being released and support looks weak.
Watching this level for any significant demand, could be a nice bounce trade ahead.