BerlinTrader591
Long

ZEC Breaking out to 800!

POLONIEX:ZECUSDT   Zcash / Tether USD

Another beautiful breakout from a bottoming formation in Z Cash ZEC here.

I am seeing a lot of these patterns among the coins like LTC and DASH

We reached all time highs on December 21, we pulled back to retest the 200 period average (blue line),

Now we are breaking out of what appears to be a combination of a double bottom and a head and shoulders reversal pattern. It's not an official pattern in the books, but it has classic qualities and we can create targets by measuring the depth of the pattern with our Fibonacci tool.

Breakout above 570 is in progress. That is our first stop.

Then we want to take profits, take off a piece of our position as we hit each target.

Target 1: 649 *61.8 Fib retracement of bottoming pattern
Target 2: 7000 *near all time highs, and round psychological number
Target 3: 796 *261.8% extension of bottoming pattern


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@BerlinTrader591
good one chart.
And after bounce from TOP... where we go? back to 649 or 611, or ?
Thanks
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BerlinTrader591 shadowforworld
@shadowforworld, Right now we are consolidating at that all time high level, so if we can break up from here would be nice
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shadowforworld BerlinTrader591
@BerlinTrader591, coz if BTC say... Green )
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