$ZEC did little gain and people are already forgeting about the chart structer screaming for Bearish momentum.
ZEC is once again sitting below the major resistance area after failing to properly break above the descending trendline. The bounce from around 1,067 was strong, but the reaction near 1,172 to 1,182 is where I’m paying the most attention now.
For me, this is still a bearish setup as long as ZEC remains below that resistance zone. Price has already shown multiple signs of weakness after the previous high, and every rejection from the descending trendline gives sellers another opportunity to take control. The level around 1,067 is the first important area to watch, because losing it could open the door for a much deeper move.
My setup is Entry 1,172.85, with Target 901.02 and Stop Loss 1,256.27. The chart is showing around 3.26 risk to reward, so I’m more interested in the downside if resistance continues to hold.
But I’m not saying ZEC has to dump immediately. If buyers manage to break 1,182 and hold above it with strength, this idea becomes much weaker. Until then, I’m watching the rejection closely.
Trade from here 👉$ZEC 👈 for 0 commission fees
#zec #crypto #trading #Binance
ZEC is once again sitting below the major resistance area after failing to properly break above the descending trendline. The bounce from around 1,067 was strong, but the reaction near 1,172 to 1,182 is where I’m paying the most attention now.
For me, this is still a bearish setup as long as ZEC remains below that resistance zone. Price has already shown multiple signs of weakness after the previous high, and every rejection from the descending trendline gives sellers another opportunity to take control. The level around 1,067 is the first important area to watch, because losing it could open the door for a much deeper move.
My setup is Entry 1,172.85, with Target 901.02 and Stop Loss 1,256.27. The chart is showing around 3.26 risk to reward, so I’m more interested in the downside if resistance continues to hold.
But I’m not saying ZEC has to dump immediately. If buyers manage to break 1,182 and hold above it with strength, this idea becomes much weaker. Until then, I’m watching the rejection closely.
Trade from here 👉$ZEC 👈 for 0 commission fees
#zec #crypto #trading #Binance
