$ZEC has now pushed into the first of the two key areas I’ve been watching, right at the lower boundary of the higher-timeframe resistance.
This is an important zone because price has failed to break through it multiple times in the past.
For $ZEC to push higher and reclaim the full resistance area, I want to see a clear expansion in volume. The current volume is still not convincing enough compared with the strength required for a breakout.
Just look at the volume behind the previous attempt that pushed $ZEC to $744 — even with that level of participation, the breakout failed.
Volume will be the key to determining whether this time is different.
This is an important zone because price has failed to break through it multiple times in the past.
For $ZEC to push higher and reclaim the full resistance area, I want to see a clear expansion in volume. The current volume is still not convincing enough compared with the strength required for a breakout.
Just look at the volume behind the previous attempt that pushed $ZEC to $744 — even with that level of participation, the breakout failed.
Volume will be the key to determining whether this time is different.