Study the cycles of $ZEC and you’ll see why I think it still needs time to cool off.
After its previous two significant monthly highs, we saw roughly two to three months of bearish consolidation. The market needed time to settle after each euphoric expansion.
I don’t see a strong reason to expect this move to skip the same cooling-off process.
During both periods, the monthly RSI moved out of overbought territory and returned to its mid-range as the correction unfolded.
This time, the price reached a significantly higher high, but the monthly RSI formed a lower high, giving us a bearish divergence between the two most recent major peaks.
We may still see considerable rallies along the way, but I’d expect more time spent consolidating, with room for further declines, before Zcash is ready for another move higher.
If I’m wrong, I’ll be the first to admit it.
$ZEC
After its previous two significant monthly highs, we saw roughly two to three months of bearish consolidation. The market needed time to settle after each euphoric expansion.
I don’t see a strong reason to expect this move to skip the same cooling-off process.
During both periods, the monthly RSI moved out of overbought territory and returned to its mid-range as the correction unfolded.
This time, the price reached a significantly higher high, but the monthly RSI formed a lower high, giving us a bearish divergence between the two most recent major peaks.
We may still see considerable rallies along the way, but I’d expect more time spent consolidating, with room for further declines, before Zcash is ready for another move higher.
If I’m wrong, I’ll be the first to admit it.
$ZEC
