This is what I would expect in $ZEC if we get a larger rally in $BTC.
After a move of nearly +400% from the lows, I'm more interested in where $ZEC forms a lower high than in expecting another attempt at the top.
We've lost a daily swing low for the first time since $400. ZEC/BTC has also broken support across multiple timeframes.
Expecting the same continuation we've had throughout the rally means overlooking those breakdowns.
So if we see a rally in BTC, it's likely to take ZEC back to the previous distribution zone between $1,420 and $1,500.
In that case, I’d expect a lower high to form before another leg down toward liquidity in the previous range at $1,100-$1,200.
And if BTC loses its range without breaking to the upside, we'll probably head there without getting a bounce at all.
After a move of nearly +400% from the lows, I'm more interested in where $ZEC forms a lower high than in expecting another attempt at the top.
We've lost a daily swing low for the first time since $400. ZEC/BTC has also broken support across multiple timeframes.
Expecting the same continuation we've had throughout the rally means overlooking those breakdowns.
So if we see a rally in BTC, it's likely to take ZEC back to the previous distribution zone between $1,420 and $1,500.
In that case, I’d expect a lower high to form before another leg down toward liquidity in the previous range at $1,100-$1,200.
And if BTC loses its range without breaking to the upside, we'll probably head there without getting a bounce at all.