This would be the worst-case scenario for $ZEC .
We rally, put in another lower high, then come back to lose $1,100.
That would complete a macro head and shoulders, and I’d expect the liquidity in the older range to get hunted next.
So yes, we can rally from here and still have another substantial leg down ahead. That next rally could be the right shoulder forming.
$1,100 is simply what bulls cannot afford to lose.
We’ve already flushed into the prior range, taken liquidity, and buyers now have the opportunity to build a base.
If we lose that support after another failed rally, I personally wouldn’t expect a shallow correction.
I’d expect a deeper flush into $780-$950, an area I’d strongly favour for a macro bottom.
But as long as $1,100 holds, I still think there’s a strong chance the worst is already behind us.
We rally, put in another lower high, then come back to lose $1,100.
That would complete a macro head and shoulders, and I’d expect the liquidity in the older range to get hunted next.
So yes, we can rally from here and still have another substantial leg down ahead. That next rally could be the right shoulder forming.
$1,100 is simply what bulls cannot afford to lose.
We’ve already flushed into the prior range, taken liquidity, and buyers now have the opportunity to build a base.
If we lose that support after another failed rally, I personally wouldn’t expect a shallow correction.
I’d expect a deeper flush into $780-$950, an area I’d strongly favour for a macro bottom.
But as long as $1,100 holds, I still think there’s a strong chance the worst is already behind us.