Update on $ZEC (4H)
The bullish shift is developing.
On October 20, $ZEC was holding the low at $1.041 after the trendline break. I said the downward move could be ending and that I needed a clean 4H close above the lower high of $1.253 to confirm the shift.
Price has now moved above $1.253 and is trading around $1.270. The downtrend line has been broken, and price is currently in a pullback phase after the breakout. The higher low at $1.041 remains intact.
The entry area I’m watching is the 75% discount zone around $1.129. After breaking above the lower high, a pullback toward the discount zone offers a better risk-reward for continuation. That’s where I want to see demand step in.
The bullish bias would be invalidated by a clean break and close below the low at $1.041. That would put the previous downward trajectory back in play. The target remains the September high around $1.700.
Share your thoughts!
$ZEC
The bullish shift is developing.
On October 20, $ZEC was holding the low at $1.041 after the trendline break. I said the downward move could be ending and that I needed a clean 4H close above the lower high of $1.253 to confirm the shift.
Price has now moved above $1.253 and is trading around $1.270. The downtrend line has been broken, and price is currently in a pullback phase after the breakout. The higher low at $1.041 remains intact.
The entry area I’m watching is the 75% discount zone around $1.129. After breaking above the lower high, a pullback toward the discount zone offers a better risk-reward for continuation. That’s where I want to see demand step in.
The bullish bias would be invalidated by a clean break and close below the low at $1.041. That would put the previous downward trajectory back in play. The target remains the September high around $1.700.
Share your thoughts!
$ZEC