$ZEC
will we bounce or is this the begining of the end ?
Zec just broke the floor of its triangle and got bought straight back.
The 1,075 low had held through every test. This time ZEC wicked under it, down to about 1,050, then the candle closed back above. Price is now 1,171, up 3.6% on the day and roughly 11% off the wick.
That's a failed breakdown, which is the move that catches late sellers. Anyone who shorted the break is now sitting underwater.
The next test is the descending trendline from the 1,699 high. It crosses near 1,190, with the 0.236 fib right behind it at 1,222, about 4.4% above price. A 4h close above 1,222 clears both.
The bigger picture still leans bearish. The pattern is a descending triangle, and one trap doesn't cancel it. What changes it is the close above 1,222, and then 1,314 is next, about 12% up.
If ZEC loses 1,050 on a 4h close, the trap was a real breakdown and the low is gone.
Bear trap, or a pause before the next leg down? 👇
#ZEC #Zcash #CryptoAnalysis
will we bounce or is this the begining of the end ?
Zec just broke the floor of its triangle and got bought straight back.
The 1,075 low had held through every test. This time ZEC wicked under it, down to about 1,050, then the candle closed back above. Price is now 1,171, up 3.6% on the day and roughly 11% off the wick.
That's a failed breakdown, which is the move that catches late sellers. Anyone who shorted the break is now sitting underwater.
The next test is the descending trendline from the 1,699 high. It crosses near 1,190, with the 0.236 fib right behind it at 1,222, about 4.4% above price. A 4h close above 1,222 clears both.
The bigger picture still leans bearish. The pattern is a descending triangle, and one trap doesn't cancel it. What changes it is the close above 1,222, and then 1,314 is next, about 12% up.
If ZEC loses 1,050 on a 4h close, the trap was a real breakdown and the low is gone.
Bear trap, or a pause before the next leg down? 👇
#ZEC #Zcash #CryptoAnalysis