$ZEC
Breakout or fakeout?
just pushed above the trendline that has capped every bounce since the 1,700 high.
That line has rejected ZEC on every attempt for weeks. This candle went through it, and price is now at 1,215, up 5.5% on the day and roughly 15% above the wick low near 1,054.
I called the pattern bearish while the triangle was intact, and a break above that line is the move that changes it. But one candle isn't enough. The 0.236 at 1,222.65 is less than 1% away, and a 4h close above it is the confirmation.
If it closes above, the next levels are 1,314, about 8% up, then 1,387, about 14% up.
If this candle fades and closes back under the line, treat it as another fakeout. The 1,075 low stays in play, about 11.5% below.
A break only counts once the candle closes outside the line.
#ZEC #Zcash #CryptoAnalysis
like and follow for more
Breakout or fakeout?
just pushed above the trendline that has capped every bounce since the 1,700 high.
That line has rejected ZEC on every attempt for weeks. This candle went through it, and price is now at 1,215, up 5.5% on the day and roughly 15% above the wick low near 1,054.
I called the pattern bearish while the triangle was intact, and a break above that line is the move that changes it. But one candle isn't enough. The 0.236 at 1,222.65 is less than 1% away, and a 4h close above it is the confirmation.
If it closes above, the next levels are 1,314, about 8% up, then 1,387, about 14% up.
If this candle fades and closes back under the line, treat it as another fakeout. The 1,075 low stays in play, about 11.5% below.
A break only counts once the candle closes outside the line.
#ZEC #Zcash #CryptoAnalysis
like and follow for more