$ZEC
what does the weakend hold ? green or red?
swept the 1,113 low by just 3.4%. It's now 10% back above it.
1,113 was the level everyone was watching. ZEC dropped under it, bottomed at 1,075, and got bought. Now it's at 1,224, about 14% off that low.
A shallow sweep that reverses this fast looks more like a shakeout than a breakdown.
But keep the scale in mind. The whole drop ran from 1,705 to 1,075, about 37%. 1,224 is the 0.236 fib of that fall, so ZEC has won back less than a quarter of it. The bounce is real, and the reversal isn't proven yet.
What proves it is a 4h close above 1,224, then 1,316 (the 0.382), about 7.5% up. 1,390 is the next level after that.
What breaks it is a close back under 1,113. Then the sweep was only the first leg, and 1,075 gets tested again.
Are you adding here, or waiting for 1,316? Tell me below 👇
#ZEC #Zcash #CryptoAnalysis
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what does the weakend hold ? green or red?
swept the 1,113 low by just 3.4%. It's now 10% back above it.
1,113 was the level everyone was watching. ZEC dropped under it, bottomed at 1,075, and got bought. Now it's at 1,224, about 14% off that low.
A shallow sweep that reverses this fast looks more like a shakeout than a breakdown.
But keep the scale in mind. The whole drop ran from 1,705 to 1,075, about 37%. 1,224 is the 0.236 fib of that fall, so ZEC has won back less than a quarter of it. The bounce is real, and the reversal isn't proven yet.
What proves it is a 4h close above 1,224, then 1,316 (the 0.382), about 7.5% up. 1,390 is the next level after that.
What breaks it is a close back under 1,113. Then the sweep was only the first leg, and 1,075 gets tested again.
Are you adding here, or waiting for 1,316? Tell me below 👇
#ZEC #Zcash #CryptoAnalysis
like and follow for more