$ZEC price has just put volume behind it and climbed above the short- and mid-term moving average system. The structure of higher lows is starting to become clear; bulls are attempting to regain initiative.
$ZEC - Go long
Trading plan:
Entry: 518 - 523
Stop loss (SL): 506
Target 1 (TP1): 530
Target 2 (TP2): 550
Target 3 (TP3): 580
Why go long?
After probing a low near 484, price quickly rebounded. It is now effectively holding above multiple key moving averages such as MA7, MA25, and MA99. In addition, the short-term moving averages have turned and formed a golden cross, creating a resonant support. The downside defense at 506 has already been tested initially; as long as it is not broken through on strong volume, this bottom structure is highly likely to first test the resistance at 530, and may even push toward the previous higher high zone. The risk-reward for going long in this setup still remains favorable.
Click here to trade 👇$ZEC
$ZEC - Go long
Trading plan:
Entry: 518 - 523
Stop loss (SL): 506
Target 1 (TP1): 530
Target 2 (TP2): 550
Target 3 (TP3): 580
Why go long?
After probing a low near 484, price quickly rebounded. It is now effectively holding above multiple key moving averages such as MA7, MA25, and MA99. In addition, the short-term moving averages have turned and formed a golden cross, creating a resonant support. The downside defense at 506 has already been tested initially; as long as it is not broken through on strong volume, this bottom structure is highly likely to first test the resistance at 530, and may even push toward the previous higher high zone. The risk-reward for going long in this setup still remains favorable.
Click here to trade 👇$ZEC