๐ฏ **Setting up a trade at
$ZEC .. a bounce from a key support zone**
Today I notice that the **Zcash (
$ZEC )** is seeing a slight correction after a near high at **1,679.83$**, with the price currently trading at **1,536.18$**, down **-1.22%**.
๐ **The setup Iโm using**:
๐ข **Entry point**: 1,536$ (the confluence area of the moving averages MA7 and MA25, strong dynamic support in the current uptrend)
๐ด **Stop loss**: 1,470$ (below the previous horizontal support zone near 1,438โ1,477$)
๐ฏ **First target**: 1,679.83$ (the last high)
๐ฏ **Second target**: 1,750$ (a psychological extension after breaking the previous high)
โ๏ธ **Risk-to-reward ratio**: more than **1:2** to the first target, and above **1:3** at the second target.
๐ก **My indicator read**:
The **RSI(6)** is at **52.67**, meaning itโs in a neutral area with a slight positive tilt, while **MACD** is still negative (**-10.03**), reflecting the start of a slowdown in the short-term upward momentum. Thatโs why I prefer to enter on confirmation of the bounce from the support zone instead of entering immediately.
Iโll monitor the trade and share any important updates.
$ZEC |
$ETH #Zcash #ZEC #digital_assets #crypto #technical_analysis #Binance #trading
#SLTP .