🛡️ Zcash ran hard, cooled off in a falling wedge and is now catching its breath on the 0.236 fib.
ZEC technicals:
🔼 After the push to 1,701.89, price pulled back inside a falling wedge and right now trades at 1,302.73, just above the 0.236 retracement at 1,266.49. The rising dashed trendline from the breakout runs just under the wedge, and the 12H moving averages still slope up below price. That gives us two supports stacked in one zone. Hold 1,266.49 and break out of the wedge to the upside, and I expect a retest of 1,701.89 first, then 2,132.12 and 2,386.44 as the extension levels drawn on the chart.
🔽 Worst case: losing 1,266.49 and the dashed trendline sends us to 1,054.90 at minimum, and 940.04 if the selloff extends. Keep it on the radar.
Long bias stays on while price holds 1,054.90.
✔️ Targets: 1,701.89, 2,132.12, 2,386.44
❌ Invalidation: 12H close below 1,054.90
Risk: analysis, not financial advice. Trade with a stop, risk per trade 1-2% max.
