$ZEC
Are we about to retest 1700?
ZEC is back at 1,336, the same level that rejected the first bounce.
ZEC has run about 27% off the wick low near 1,050 and is now trading at 1,337, up 6.4% on the day. The descending trendline that capped every bounce for weeks is behind it, and so is the 0.236 at 1,222.
Now it's sitting in the 1,314 to 1,336 zone, which is the 0.382 fib and the old support block. On the first bounce, ZEC wicked into this area and got sent straight back down.
The difference this time is how it arrives. The first attempt came off a lower high, with the trendline still overhead. This one comes with the trendline broken, the 0.236 reclaimed, and the low held.
A 4h close above 1,336 opens 1,387, about 3.7% up, then 1,461, about 9% up. If this candle gets rejected, 1,222 is the level to hold, about 8.6% below. Lose that and the breakout is in question.
Same level, different setup. The close decides it.
#ZEC #Zcash #CryptoAnalysis
Are we about to retest 1700?
ZEC is back at 1,336, the same level that rejected the first bounce.
ZEC has run about 27% off the wick low near 1,050 and is now trading at 1,337, up 6.4% on the day. The descending trendline that capped every bounce for weeks is behind it, and so is the 0.236 at 1,222.
Now it's sitting in the 1,314 to 1,336 zone, which is the 0.382 fib and the old support block. On the first bounce, ZEC wicked into this area and got sent straight back down.
The difference this time is how it arrives. The first attempt came off a lower high, with the trendline still overhead. This one comes with the trendline broken, the 0.236 reclaimed, and the low held.
A 4h close above 1,336 opens 1,387, about 3.7% up, then 1,461, about 9% up. If this candle gets rejected, 1,222 is the level to hold, about 8.6% below. Lose that and the breakout is in question.
Same level, different setup. The close decides it.
#ZEC #Zcash #CryptoAnalysis