$ZEC
Zoom out. $ZEC's entire pullback stopped on one line.
ZEC ran from the 740 area to about 1,700 in one leg, more than doubling. Then it gave back about 38%, and the low landed right on 1,046, the 1.618 extension of the daily fib. After a move that size, that's about the cleanest place a pullback can stop.
It's bouncing now, 1,257 and up 3.1% on the day, about 20% above that level. The first wall is the daily zone at 1,300 to 1,331, only 3% to 6% above price. That's the area that has sold off ZEC twice on the 4h.
The levels from there are on the chart already. A daily close above 1,331 points at the 2.618 at 1,540, about 22% up. After that, 3.618 sits at 2,035.
The invalidation is simple. A daily close under 1,046 means the pullback was a trend change, and that's about 17% below price.
I'm not trading the 4h noise here. The daily close above 1,331 is the first signal that matters.
#ZEC #Zcash #CryptoAnalysis
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Zoom out. $ZEC's entire pullback stopped on one line.
ZEC ran from the 740 area to about 1,700 in one leg, more than doubling. Then it gave back about 38%, and the low landed right on 1,046, the 1.618 extension of the daily fib. After a move that size, that's about the cleanest place a pullback can stop.
It's bouncing now, 1,257 and up 3.1% on the day, about 20% above that level. The first wall is the daily zone at 1,300 to 1,331, only 3% to 6% above price. That's the area that has sold off ZEC twice on the 4h.
The levels from there are on the chart already. A daily close above 1,331 points at the 2.618 at 1,540, about 22% up. After that, 3.618 sits at 2,035.
The invalidation is simple. A daily close under 1,046 means the pullback was a trend change, and that's about 17% below price.
I'm not trading the 4h noise here. The daily close above 1,331 is the first signal that matters.
#ZEC #Zcash #CryptoAnalysis
like and follow for more.