ZCash ready to bounce? A look at RSI & ZEC recent history
Zcash has been kind of quiet lately, and to tell the truth I've almost forgotten to trade this coin myself in the past months. But the setup looks good for ZEC, both in a short and mid/long-term perspective.
RSI is approaching it's oversold level under 30 and ZEC has a reccurent history of bouncing from here. As you can see on the chart, in the past the RSI has been perfectly in line with the price, and I see no reason for it to stop now :) So watch it closely and let it trigger your longs around the 23-33 levels.
Since the beginning of April ZEC has been following the trend of other coins (LTC, are thou there?) and did a textbook retrace to fib 0.5, where it jumped back and hit the current weekly trendline (red pennant) 3 times. Now the question is: will this pennant play out on the upside or the downside? God only knows, but RSI and accum/dist indicators (at the lowest since more than a year) both suggets a breakout by the top as shown on the chart. IF so, look for TP at fib 1 and maybe even 1.618.
As I said ZEC has been quiet but this it what happens when a coin is in the accumulation zone... When everyone is watching elsewhere this is the time to make good deals! ZCash is a top 25 coin with strong & consistent volume (200M+ daily), as well as top-notch crypto and privacy features, and a strong team to drive it all the way down the roadmap.
Now, short-term the breakout could still play to the downside, in which case a retrace to sub 55$ level is more than likely. Wait for a clear confirmation with a bullish candle closed above the current 0.618 fib (= 69$) and be aware of traps.
On the fundamentals side, ZEC will undergo a "friendly" fork dubbed YCash around mid-July. While I really doubt the forked coin will have any real value, it could trigger some interest from the traders/speculators/investors nevertheless. If so it would be happening litteraly right now as I type — so better be long sooner than later!
If you're a holder with a very long-term perspective, it's also worth noting that a mining reward halving will happen in late 2020.
As usual, don't forget that this is not the future, but barely a piece of work and fantasy. DYOR, trade safely, feel free to share your opinion in comment, and don't forget to leave a like if you liked what you read!
Cheers trader boyz!
RSI is approaching it's oversold level under 30 and ZEC has a reccurent history of bouncing from here. As you can see on the chart, in the past the RSI has been perfectly in line with the price, and I see no reason for it to stop now :) So watch it closely and let it trigger your longs around the 23-33 levels.
Since the beginning of April ZEC has been following the trend of other coins (LTC, are thou there?) and did a textbook retrace to fib 0.5, where it jumped back and hit the current weekly trendline (red pennant) 3 times. Now the question is: will this pennant play out on the upside or the downside? God only knows, but RSI and accum/dist indicators (at the lowest since more than a year) both suggets a breakout by the top as shown on the chart. IF so, look for TP at fib 1 and maybe even 1.618.
As I said ZEC has been quiet but this it what happens when a coin is in the accumulation zone... When everyone is watching elsewhere this is the time to make good deals! ZCash is a top 25 coin with strong & consistent volume (200M+ daily), as well as top-notch crypto and privacy features, and a strong team to drive it all the way down the roadmap.
Now, short-term the breakout could still play to the downside, in which case a retrace to sub 55$ level is more than likely. Wait for a clear confirmation with a bullish candle closed above the current 0.618 fib (= 69$) and be aware of traps.
On the fundamentals side, ZEC will undergo a "friendly" fork dubbed YCash around mid-July. While I really doubt the forked coin will have any real value, it could trigger some interest from the traders/speculators/investors nevertheless. If so it would be happening litteraly right now as I type — so better be long sooner than later!
If you're a holder with a very long-term perspective, it's also worth noting that a mining reward halving will happen in late 2020.
As usual, don't forget that this is not the future, but barely a piece of work and fantasy. DYOR, trade safely, feel free to share your opinion in comment, and don't forget to leave a like if you liked what you read!
Cheers trader boyz!
Comment:
We're touching the upper high of the pennant. Let's see if we can have a breakout or if we see a minor pullback as drawn on the chart. BTC is king and will dictate the way. Will update as it unfolds. Better not to open a position now if you didn't do it before. Trae safely, wait for a confirmation !
Comment:
Looks like a breakout but I would rather wait for a candle above the 0.786 fib and the beginning of an upward trend in RSI to enter a long. BTC is still stuck under 5.3k and could drive the whole market lower in the next days if it can't manage to break it.
Comment:
See an update on ZEC here:
