$ZEC I’ve been watching this very closely over the past few days, and it seems to me that a local bounce would make sense.
BUT Bitcoin still looks quite uncertain. ZEC is down 30% from its recent highs without much of a bounce. It’s at the 0.5 Fibonacci level, the psychological $1,000 mark, and so on. If Bitcoin can find a local bottom, then I think Zcash will also rise by 10% or so.
That said, I don’t know exactly where THAT bottom is for it. I think it’s most likely somewhere in the $800s, but I could be wrong.
If you’re long here, you’re assuming that Bitcoin has found a local bottom and ZEC will mechanically bounce. For longer-term buyers, I’d suggest waiting, or, if you’re buying here, keeping a long-term hold in mind.
BUT Bitcoin still looks quite uncertain. ZEC is down 30% from its recent highs without much of a bounce. It’s at the 0.5 Fibonacci level, the psychological $1,000 mark, and so on. If Bitcoin can find a local bottom, then I think Zcash will also rise by 10% or so.
That said, I don’t know exactly where THAT bottom is for it. I think it’s most likely somewhere in the $800s, but I could be wrong.
If you’re long here, you’re assuming that Bitcoin has found a local bottom and ZEC will mechanically bounce. For longer-term buyers, I’d suggest waiting, or, if you’re buying here, keeping a long-term hold in mind.
