Time to make decisions for $ZEC .
We’ve seen a clear ascending triangle form from the lows at $1.050, where buyers stepped in to defend the neckline area of the potential macro head and shoulders pattern.
We’ve also had multiple attempts to break above $1.370, with price still holding the trendline that has been developing since those lows.
If we hold the trendline and finally break above $1.370, we should see a considerable squeeze, given how much short liquidity is accumulated above this pivot.
That would take us back toward the recent highs around $1.500–$1.700.
Personally, I’m still short from $1.420, but I’ll close all my shorts and go long if we break above $1.370.
However, until that breakout happens, I’m still expecting the macro downtrend to continue.
If we get a decisive break below the trendline and $1.210 support, I’d be looking for a move back toward $1.100, putting the broader neckline area under pressure again.
If this recent rally forms the right shoulder and we then lose $1.100, I’d expect a flush toward the previous cycle high liquidity.
As I’ve said before, if we get that flush, I think it would mark the final stage of the macro correction before price stabilizes and begins trending upward.
$ZEC
We’ve seen a clear ascending triangle form from the lows at $1.050, where buyers stepped in to defend the neckline area of the potential macro head and shoulders pattern.
We’ve also had multiple attempts to break above $1.370, with price still holding the trendline that has been developing since those lows.
If we hold the trendline and finally break above $1.370, we should see a considerable squeeze, given how much short liquidity is accumulated above this pivot.
That would take us back toward the recent highs around $1.500–$1.700.
Personally, I’m still short from $1.420, but I’ll close all my shorts and go long if we break above $1.370.
However, until that breakout happens, I’m still expecting the macro downtrend to continue.
If we get a decisive break below the trendline and $1.210 support, I’d be looking for a move back toward $1.100, putting the broader neckline area under pressure again.
If this recent rally forms the right shoulder and we then lose $1.100, I’d expect a flush toward the previous cycle high liquidity.
As I’ve said before, if we get that flush, I think it would mark the final stage of the macro correction before price stabilizes and begins trending upward.
$ZEC
