ZEC JUST PRINTED A MONSTER REVERSAL CANDLE AFTER THE 1610 REJECTION
Zcash is the hottest chart on my screen today as the coin ran to 1610 then got slammed down to 1168 and that is a brutal shakeout but look at the last daily candle which closed at 1257 with a huge green body covering almost 80 percent of the daily range and that is buyers coming back with real force while ZEC still sits under both moving averages so the trend needs repair with support at 1110 holding the panic low and resistance at 1610 being the mountain to climb back
Recommendation is BUY with a tight stop since reversal candles this strong often mark the end of a shakeout with the entry zone sitting between 1200 and 1260 while the stop loss goes under 1100 on a daily close because a break there kills the reversal story and the first target is the 1400 zone
My take is that privacy coins are catching a fresh bid and ZEC leads the pack right now and this is a high volatility trade so size it small and respect the stop because the reward side of this setup is much bigger than the risk side
Would you ride the ZEC reversal or is this too wild for you
$ZEC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #Zcash
Zcash is the hottest chart on my screen today as the coin ran to 1610 then got slammed down to 1168 and that is a brutal shakeout but look at the last daily candle which closed at 1257 with a huge green body covering almost 80 percent of the daily range and that is buyers coming back with real force while ZEC still sits under both moving averages so the trend needs repair with support at 1110 holding the panic low and resistance at 1610 being the mountain to climb back
Recommendation is BUY with a tight stop since reversal candles this strong often mark the end of a shakeout with the entry zone sitting between 1200 and 1260 while the stop loss goes under 1100 on a daily close because a break there kills the reversal story and the first target is the 1400 zone
My take is that privacy coins are catching a fresh bid and ZEC leads the pack right now and this is a high volatility trade so size it small and respect the stop because the reward side of this setup is much bigger than the risk side
Would you ride the ZEC reversal or is this too wild for you
$ZEC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #Zcash