Agency
Long

Overcoming Resistance? A ZCash Structural Wave 3?

BITFINEX:ZECUSD   Zach / U.S. Dollar
Following the explosive failure we saw at the end of September, which formed a bearish wick, Zcash has been in consolidation mode. Currently, massive resistance at the major fibo resistance and the classic fibo resistance stand in the way of prices heading higher than $297. Data from this pair shows us that price likes to return to the fibo resistance level - in this case, $357. This means we could see the massive resistance taken out, the formation of a higher high, followed by a new structural wave. A break of the all time high at $455 give us a BIG breakout buy signal for a MIN TP of $525 and a MAX TP of $613.

Alternatively, we may breach the uptrend line and trade near the major classic fibo support at $190. A break of the white trend line could bring prices as low as $150 and $125.

Our strategy should also take into account the ZECBTC             chart. Note that we are currently in a descending channel in that pair, and the formation of new highs in the USD chart might need to be accompanied by a break of that descending channel .


As always, I'll be updating this thread with long and short ideas at smaller time frames.
Cheers and GLWT!
-Erik
Kommentar: Not clear if we are consolidating to get to "D" or if we already reached it and will head toward the trendline.