Zcash
ZCASH double bottom... maybe.ZEC / Z CASH
- Privacy coin
- Low circulation
- See if $43 holds as support
- Potential double bottom setup for massive breakout run
- Tight range / Squeeze
- $26 is next support if failed to breach
- I think this coin will run hard when it breaks free
Drop a comment below :)
ZEC -printing reversal weekly candleZEC looks like it is starting the path towards a nice reversal. If it holds then the rest of september and october should be pump time.
ZCASH - could this time be different? Probably one of the most hated Altcoins out there. It also just got de-listed on Okex. Could this be a trend reversal for ZCASH? I think not unless signs of clear accumulation forms. BUT at the same time, this coin has been on a steady downtrend for a really long time. A relief pump is overdue and I wouldn't underestimate a ZCASH relief pump. Right zooko?
Just a quick Zcash chart what i see panning out.
There could be a move up to roughly 62 dollars short term.
Zcash Price Analysis ZEC / USD: Critical LevelZcash is starting to appear increasingly interesting from a technical perspective as the popular cryptocurrency trades at its weakest level since March 2019. Several technical indicators are suggesting that the ZEC / USD pair could soon stage a bullish reversal if buyers can hold price above the $44.00 level.
The ZEC / USD pair has suffered eight-straight weeks of losses and relinquished over fifty percent of its value since July this year. A bearish head and shoulders pattern has been rapidly unfolding, after sellers broke through the $75.00 level.
The overall size of the bearish head and shoulders pattern still suggests that Zcash could fall towards the $25.00 level. However, the decline has created sizeable amount of positive MACD divergence, which points to an eventual recover back towards the $80.00 level.
Furthermore, a large inverted head and shoulders pattern still remains dangerous and valid on the daily time frame while price trades above the $15.00 level. Overall size of the huge inverted head and shoulders pattern would take the ZEC / USD pair back towards the $200.00 level over the long-term.
With the cryptocurrency market showing signs of stabilizing in September, it may be time to start to look to Zcash to mount a sustainable recovery, although traders still need to be mindful that the cryptocurrency could still fall back toward the $25.00 support level, before staging a recovery over the medium to long-term.
According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Zcash is extremely weak, at 19.00 %, while the overall long-term sentiment towards the cryptocurrency is neutral, at 58.00%.
ZEC / USD Daily Chart by TradingView
Upside Potential
The four-hour time frame is showing that the ZEC / USD pair is trapped within a falling price channel. Bulls need to move price above the $50.00 level to break free from the price channel, with the $55.00 level the foremost resistance prior to the $67.00 level.
Bullish MACD price divergence extends back towards the $80.00 level, we should monitor this divergence potentially being eroded, if price breaks above the $50.00 level. A large reversal pattern could also form if price reaches the $80.00 level.
Downside Potential
The downside potential for the ZEC / USD pair could open-up dramatically if the $45.00 level is broken over the coming sessions. The bearish head and shoulders pattern on the four-hour time frame still suggests that the ZEC / USD pair could drop towards the $25.00 level.
From a long-term perspective, the $15.00 level is key, as it is the head of a huge inverted head and shoulders, and an area of critical technical importance.
Summary
The short-term technicals for Zcash will become apparent once a breakout from the $45.00 to $50.00 price range occurs.
Overall, a sustainable recovery towards the $80.00 level can take place if we start to see the ZEC / USD pair breaking above the $50.00 resistance level.
