RSI is indicating bullish pressure in the ZECBTC pair. Chart data shows we could be looking at a corrective wave-B to revisit or at least kiss the max fibo. This would make sense, as the ZECUSD chart is showing that we may be gearing up for a structural wave 3 that might take ZCash to new all-time highs against the USD. The reason the latter is possible, despite the limits (falling below wave 1 support) within this ZECBTC pair, is that BTCUSD is set for a structural wave 5.
Nota
We are still relatively stable here.Nota
Not safe to buy yet... RSI has not passed 50. Daily candle looks weak. Still appears to be a descending line.Nota
Updated chart:Also, if you look at the original chart, you will see the "Wave 1 Support" line. Keep this line in mind when you are trading this pair.
Here is the ZECUSD chart as well:
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Nice rally, but still consolidating:Nota
ZCash remains stuck in a descending channel and is now trading below all key fibo levels and long box support zones. The uptrend line is ahead and support zones are scattered. Further downward pressure is expected. Formation of a new all-time low is possible.Nota
Broke the uptrend line! Man...thats gonna hurt somebody...
Penafian
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Penafian
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.