ZEC short term correction to $50 before going to $250 moon Hello guys it appears that Zecash the real privacy coin just experienced a correction after a clear 5 wave impulsive structure
Ideally this should put as at the larger degree wave (i) if this is the case wave (ii) typically retraces to the wave (iii) of the lower order
close to the 0.618 fibs( that would be 50-45 USD ) i highly recommend buying on the dips and setting take profits zones in the $250 region
i believe the crypto market capitalization should continue to grow with ETHEREUM leading the way
ZECRLUSD trade ideas
ZECUSD IHS Long TargetsBuy - ZECUSD
Pattern: Inverse Head and Shoulders
Neckline: 66
Entry: 66
Target: 77
Stop: 62
RR: 3.36
ZECUSD pair completed its correction phase after retracing back to the %38 fib level. Based on the recent historical data, upward waves on ZEC continues until 1.414 fib extension. The price has formed an Inverse Head and Shoulders pattern on the 4h chart. A wise play would be entering at the neckline. I got my entry at 66.14 it was a little bit early entry with some drawdown but until now it worths the risk. We should watch closely the price action at $70 to see how the price will react to the psychological/historical resistance. Considering the strength of the current bull market, I'm expecting a mid-term target of $97 and long-term target of $123. I will hold on to this position based on future price action.
ZEC Daily Chart Pinnacle Moment After wiping away substantial gains along with the rest of the market. ZEC is ready to decide trend direction on the daily. We recently had a Golden Cross which gave us our first impulse up. Following that move we have had about a 20% pullback from candle body high to low from last high. Stochastic RSI just made bullish cross in oversold conditions. However, Price may need to come down and touch the 50 day moving average first. If we can break above the $75 region I see our next major resistance at $100.
I am long term Zcash investor only swing trading 5% of my overall position. I see an opportunity in ZEC similar to the early days of BTC. You may agree but that is my opinion long term. There are only 8 million "shares" in circulation. It has never been through a block halving event meaning the supply has not yet seen a reduction. After the first BTC halving price went from around $10 to $1000. Zcash in my opinion has massive institutional potential.
Not Investment Advice.