Hello Lads and Ladies,
Today we are taking a look at ZSCAHBTC. It is known for a good volatility and has reliable support and resistance lines. Where might it be heading to this time?
Taking a look at the chart, we can see a very huge push for which ZCASHBTC is very known and has done multiple times in its history. depending on where you set the fibs, we are either right now at a 100% retracement or have still a little more until the 100%.
Taking a look at just this one push, we are definitely at a 100% retracement. Anyhow, I decided to put it a little lower because almost ALL of the fibs lines are historically relevant and have been resected multiple times.
I am still confirming that the support that we are sitting right now at (indicated yellow dotted in the chart) is very strong. Being broken the next very crucial support (indicated green in the chart) is around 7% away.
What happened here is rather simple, it pumped straight up and retraced fully, now is the question whether it will retrace even more or push through the downtrend and where will it head to?
I am putting 60% in right now and keeping 40% for the scenario of a further retracement. The reason for this is, that we are at this strong support, retraced by full 100% of the big push and sitting right at the end of the downtrend. RSI is at a point where most of the biggest pushes happened before. As well as I am stoked about the market having a break from blood-bathing for a few days now.
Nevertheless the possibility is still high that this support will not hold and since it has been broken by a little bit due to the whole market dipping, it might continue its journey further down to the next support. A big pump in BTC (which is likely right now) would also help it out reaching this bottom support (green).
Now to the breakouts and pumps. Should ZCASHBTC breakout now, then it would most likely push to the 61.8% fibs line with a possible stop at a weak intermediate resistance. From there on the push MIGHT (little chance) continue towards the previous high.
Should ZCASHBTC continue its downtrend and breakout at the bottom support, it will have a lot of momentum and volume to push very fast to the 61.8% line. Continuing from there without a short retracement will be very hard.
My first buy order is at 0.0275 and the second at 0.0260. The sell orders are set to 0.031 and 0.033. Stop loss at 0.025 and re-buy at 0.02.
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Cheers, Tomas