⭐ $ZEC / Zcash
- Strong ascending triangle breakout. We cleared the $380 overhead resistance, and it now acts as local support as bulls try and push for a reversal.
- My focus shifts to $440 to determine a confirmation in trend change. That area is the decision point due to:
> 38.2% Fib; this was the pivotal support that held the line before the flush to $300
> $440-$450 liquidity zone; a prior proven reaction zone across multiple timeframes
- Breaking through both would be strong confirmations that structure has flipped to support a bullish move.
- However, it's crucial to remain aware of a common chart trap in these situations. After a brutal correction, price can often clear a series of local overheads to fake out longs, before flushing at the pivotal point.
- That's why for me, if price convincingly breaks through $440, that concern is completely alleviated as it's the most pivotal overhead for bulls in the short-term.
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ZECUSDT
Perp
391.29
+7.90%
