2️⃣ Moving Averages and Chart Patterns: A Bullish Engulfing Candle Signals a Counterattack
This was the most noteworthy development in today's market. Previously, prices fell below the MA7 and MA25 and continued to slide in search of support. But over the past few trading days, the market has repeatedly formed a base in the 1,150–1,200 range.
Look at today's candlestick: a large bullish candle surged straight up (gaining nearly 4%), breaking decisively above resistance at the MA7 (1,207) and climbing back above the MA25 (1,270). This “bullish engulfing” pattern, which also breaks through multiple moving averages, suggests that bargain hunters have entered the market and the bulls are beginning to regain control. As for trading volume, it contracted during the earlier decline but expanded noticeably during today's rebound—a healthy counterattack.$ZEC
This was the most noteworthy development in today's market. Previously, prices fell below the MA7 and MA25 and continued to slide in search of support. But over the past few trading days, the market has repeatedly formed a base in the 1,150–1,200 range.
Look at today's candlestick: a large bullish candle surged straight up (gaining nearly 4%), breaking decisively above resistance at the MA7 (1,207) and climbing back above the MA25 (1,270). This “bullish engulfing” pattern, which also breaks through multiple moving averages, suggests that bargain hunters have entered the market and the bulls are beginning to regain control. As for trading volume, it contracted during the earlier decline but expanded noticeably during today's rebound—a healthy counterattack.$ZEC