ZEC: the chart is still making lower highs, no need to rush in
Since the late-September peak at 1700, each high has been lower than the last, and the price has also fallen below the EMA50. Yesterday morning, it bounced sharply from 1049 to nearly 1190, which looked strong, but then selling pushed it back to around 1130, so we can't call it a reversal yet.
ZEC has another variable this week: NU7. This is a Zcash upgrade that cuts block times from 75 to 25 seconds and removes the old transaction format. The devs are expected to decide today whether to activate it, with November 5 as the target date. Upgrades like this often see people buy the rumor and sell the news, so I'm not chasing ahead of the announcement.
I'm watching the 1000–1050 zone, where the EMA100 lines up with the bottom of the mid-September trading range. If the price gets there and holds, that's a nice spot. For it to move higher, it needs to reclaim 1300; until then, this is still just a bounce.
Are you all waiting for 1000, or have you already entered?
#ZEC #Zcash $ZEC
Since the late-September peak at 1700, each high has been lower than the last, and the price has also fallen below the EMA50. Yesterday morning, it bounced sharply from 1049 to nearly 1190, which looked strong, but then selling pushed it back to around 1130, so we can't call it a reversal yet.
ZEC has another variable this week: NU7. This is a Zcash upgrade that cuts block times from 75 to 25 seconds and removes the old transaction format. The devs are expected to decide today whether to activate it, with November 5 as the target date. Upgrades like this often see people buy the rumor and sell the news, so I'm not chasing ahead of the announcement.
I'm watching the 1000–1050 zone, where the EMA100 lines up with the bottom of the mid-September trading range. If the price gets there and holds, that's a nice spot. For it to move higher, it needs to reclaim 1300; until then, this is still just a bounce.
Are you all waiting for 1000, or have you already entered?
#ZEC #Zcash $ZEC