ZEC has given investors an exciting start of 2020 with over 100% returns!
I believe this coin has a very bright future mid to long term and beyond.
Keep in mind ZEC originally hit the market at $2.3 million.
It is one of the coins to completely retrace in price and had a beautiful double bottom last December.
However, Im seeing a head and shoulder pattern play out on multiple timeframes at the moment.
After explosive price action could ZEC be due for some downside price momentum in the coming days?
We are still forming higher lows but at the least I'm expecting a move back to the neckline at which point I will be waiting to see how price reacts. A break below the neckline (around $49) would be bearish for the short term.
The measured move from the neckline to the top of the head is about 30%.
A 30% drop from neckline area would take us to the low $30 range which is near our long term descending resistance line to possibly be tested now as support. (price rejected off of it last year around halloween and again in mid December).
Im extremely bullish on crypto but I have been around long enough to realize the market moves regardless of my opinion.
Any insight would be greatly appreciated as I am still a student and am always eager to learn and collab with like minded individuals. Thanks for taking the time to read my post! Wish you all the absolute best.
I believe this coin has a very bright future mid to long term and beyond.
Keep in mind ZEC originally hit the market at $2.3 million.
It is one of the coins to completely retrace in price and had a beautiful double bottom last December.
However, Im seeing a head and shoulder pattern play out on multiple timeframes at the moment.
After explosive price action could ZEC be due for some downside price momentum in the coming days?
We are still forming higher lows but at the least I'm expecting a move back to the neckline at which point I will be waiting to see how price reacts. A break below the neckline (around $49) would be bearish for the short term.
The measured move from the neckline to the top of the head is about 30%.
A 30% drop from neckline area would take us to the low $30 range which is near our long term descending resistance line to possibly be tested now as support. (price rejected off of it last year around halloween and again in mid December).
Im extremely bullish on crypto but I have been around long enough to realize the market moves regardless of my opinion.
Any insight would be greatly appreciated as I am still a student and am always eager to learn and collab with like minded individuals. Thanks for taking the time to read my post! Wish you all the absolute best.
Note
Head and shoulders pattern looks to be invalidated across all intra day timeframes. Will be keeping a close eye on price!
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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.