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
And after bounce from TOP... where we go? back to 649 or 611, or ?
Thanks