Zcash has had a bullish race up to 325$ - which marked the end of wave 3.
In the following it has broken out of the ascending trend channel to the side, and the lowest price marked the wave 4.
Comparable to other coins the price didn´t rise fast after the turning point. Zcash is actually within a symmetrical triangle, with the lower limit consisting out of a swing trend line. This should not be broken to the bottom, otherwise the trend will be broken.
In my calculation the wave 5 begins when the price of Zcash breaks the upper limit of the triangle and should lead the price up to 412$, where we find a fib retracement at 61.8% (downtrend).
There are several resistances between this goal and the price of today. Each one could be the peak of wave 5 - but I think it shall go further.
The RSI is showing some weakness and if I´m right it should break the upper trend line as well.
Also MACD isn´t signalling a bullish trend at the moment. But in neutral zone everything can happen.
Stop:
If zcash falls out of the triangle to the bottom and falls depper than the last low at 267$!
In the following it has broken out of the ascending trend channel to the side, and the lowest price marked the wave 4.
Comparable to other coins the price didn´t rise fast after the turning point. Zcash is actually within a symmetrical triangle, with the lower limit consisting out of a swing trend line. This should not be broken to the bottom, otherwise the trend will be broken.
In my calculation the wave 5 begins when the price of Zcash breaks the upper limit of the triangle and should lead the price up to 412$, where we find a fib retracement at 61.8% (downtrend).
There are several resistances between this goal and the price of today. Each one could be the peak of wave 5 - but I think it shall go further.
The RSI is showing some weakness and if I´m right it should break the upper trend line as well.
Also MACD isn´t signalling a bullish trend at the moment. But in neutral zone everything can happen.
Stop:
If zcash falls out of the triangle to the bottom and falls depper than the last low at 267$!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.