This seems like a make or break moment for ZEC, will it be able to reverse the downtrend? I expect a lot of boring PA in the coming months, trading will probably be confined in the 17 to 34 area for a while.
ZEC's price action against BTC has been quite clean lately, with marked levels of support and resistances.
I was looking at the price action and found it oddly familiar. Looking through the chart a bit, it turns out what's happening is pretty much the same price action as we had on the 21st of January dump, but inverted. It would also weirdly make sense to follow this pattern: some chop first, then pump to 46k, taking out the previous highs, getting the fomo going and...
I didn't actually short this, but I went 90% back into fiat. Will be waiting for a substantial dump to start buying back.
People seem to love H&S patterns, but from what I've seen in crypto they rarely play out. I don't expect it to happen, but if the price breaks the neckline I will be watching for buy opportunities (usually after I see a good wick in the 1 or 4 hour candle).
Couldn't help but notice the similarities, we'll see if and for how long history likes to repeat itself. Personally (wishful thinking alert), I think we'll trade inside the orange box for a few days and shoot up from there. First target would be around 230$ (depending on ZEC/ BTC ) before facing some good resistance. If this idea is not completely wrong, I'll...
(I'm mostly publishing this idea for myself.) The bottom channel line was drawn about a week before the price actually rebounded on it, it's just a parallel to the top line. BTC has gotten a lot of very bullish news lately (Tesla, Fidelity ETF, etc), but is in my opinion held down by the futures expiry happening one day from now. Coincidentally (or maybe not),...