My thoughts on Zcash $ZEC right now: it’s generating a strong impulse and trading around $1,283. The coin is showing wild growth (+200% over 90 days), the chart is going vertical, but locally we’ve reached a dangerous zone. What I see by levels: Top: We probed the local high around $1,296. If we break it with volume, we can quickly fly up to the round number $1,350. Bottom: Because of the vertical surge, the moving averages are far away. The nearest strong support, EMA(21), is only at $928. On a pullback, it could be deep. By indicators (RSI): We’ve surged into strong overbought territory—the level is 80.16. The asset is locally overheated. Personally, I’m expecting local cooling of the market right now. Buying from these highs is too risky. It’s more reasonable to wait for a healthy correction into the $1,000–$1,100 area to relieve the RSI, and then look for an entry point there. For now, I’m just watching from the sidelines.
$ZEC