This is what I’d expect on $ZEC if we get a bigger $BTC rally.
After a near +400% move from the lows, I’m more interested in where $ZEC forms a lower high rather than expecting another run at the top.
We’ve lost a daily swing low for the first time since the $400s. ZEC/BTC has also broken support across multiple timeframes.
Expecting the same continuation we’ve had throughout the rally means overlooking those breaks.
That’s why, if we see BTC rally, it likely takes ZEC back into the prior distribution zone between $1,420 and $1,500.
In that case, I’d expect a lower high to form before another leg down towards the liquidity in the previous range at $1,100-$1,200.
And if BTC loses its range without breaking out, we likely head down there without getting a bounce at all.
After a near +400% move from the lows, I’m more interested in where $ZEC forms a lower high rather than expecting another run at the top.
We’ve lost a daily swing low for the first time since the $400s. ZEC/BTC has also broken support across multiple timeframes.
Expecting the same continuation we’ve had throughout the rally means overlooking those breaks.
That’s why, if we see BTC rally, it likely takes ZEC back into the prior distribution zone between $1,420 and $1,500.
In that case, I’d expect a lower high to form before another leg down towards the liquidity in the previous range at $1,100-$1,200.
And if BTC loses its range without breaking out, we likely head down there without getting a bounce at all.
