Privacy coin $ZEC —after this pullback from the high, the 4H structure is already very clear.
Earlier, price moved higher along an ascending channel, topping out above 1600+, but then it broke below the channel’s lower band. The short-term trend has shifted from strong uptrend to weak consolidation.
Now price is back around 1300, which lines up exactly with the key support area after the prior breakout.
Main levels to watch:
1️⃣ Around 1300
This is the most critical short-term support right now, and also the platform level after the previous breakout. As long as it doesn’t break down effectively, it can still be understood as a high-level retest for confirmation.
2️⃣ Around 1375
This is near the Bollinger mid-band at present, and also the first short-term resistance. Only if price can reclaim this level can the weak structure be considered truly eased.
3️⃣ 1450—1500
If there’s a rebound into this zone, it will run into the previously dense trading area and the resistance after the channel breakdown, so pressure will increase noticeably.
If 1300 can hold, and $BTC and $ETH do not continue to deteriorate, then the bias is to look for a technical rebound.
But if the 4H chart breaks down effectively below the 1270—1300 area, then below that we need to watch the major support platform around 1050.
Earlier, price moved higher along an ascending channel, topping out above 1600+, but then it broke below the channel’s lower band. The short-term trend has shifted from strong uptrend to weak consolidation.
Now price is back around 1300, which lines up exactly with the key support area after the prior breakout.
Main levels to watch:
1️⃣ Around 1300
This is the most critical short-term support right now, and also the platform level after the previous breakout. As long as it doesn’t break down effectively, it can still be understood as a high-level retest for confirmation.
2️⃣ Around 1375
This is near the Bollinger mid-band at present, and also the first short-term resistance. Only if price can reclaim this level can the weak structure be considered truly eased.
3️⃣ 1450—1500
If there’s a rebound into this zone, it will run into the previously dense trading area and the resistance after the channel breakdown, so pressure will increase noticeably.
If 1300 can hold, and $BTC and $ETH do not continue to deteriorate, then the bias is to look for a technical rebound.
But if the 4H chart breaks down effectively below the 1270—1300 area, then below that we need to watch the major support platform around 1050.
