Everyone is becoming increasingly bearish on $ZEC , while I believe we’re approaching the final stages of this correction.
The time to be aggressively bearish was when we lost $1,420. The daily swing structure broke which gave us the basis for our bearish outlook, and we’ve been trading the move lower since.
Now, after weeks of failed rallies, people are losing patience with the idea that this thing can ever go up again.
“Sub-$500 coming.” Blah blah blah.
Imagine following the entire move down, only to become most convinced about the downside towards the lows.
If we lose the neckline of this macro head and shoulders, I fully expect a hunt for liquidity around the prior all-time-high region to complete our corrective roadmap.
But it would not give me a reason to suddenly start calling for much lower prices.
My expectation remains a final leg lower, followed by consolidation and an eventual move higher.
#zec #BitcoinSurpasses$83,000
The time to be aggressively bearish was when we lost $1,420. The daily swing structure broke which gave us the basis for our bearish outlook, and we’ve been trading the move lower since.
Now, after weeks of failed rallies, people are losing patience with the idea that this thing can ever go up again.
“Sub-$500 coming.” Blah blah blah.
Imagine following the entire move down, only to become most convinced about the downside towards the lows.
If we lose the neckline of this macro head and shoulders, I fully expect a hunt for liquidity around the prior all-time-high region to complete our corrective roadmap.
But it would not give me a reason to suddenly start calling for much lower prices.
My expectation remains a final leg lower, followed by consolidation and an eventual move higher.
#zec #BitcoinSurpasses$83,000
