ZCash has given breakout and it also closed above the important resistance prior support level of $274 yesterday. Today, it is trading at $290.48 and trading in green after yesterday's positive momentum.
To carry on with this analysis we must take our attention on chart below to notice a recent changes in it.....
In chart above one can notice following changes:-
- Falling Channel: Breakout from this channel is the first change one can notice on chart above. ZEC has been following this channel since it went in correction mode. But yesterday, ZEC moved beyond this channel which is a sign of change in trend. Though we can't say that with conviction yet, as it can be false breakout if today ZEC closes again in this channel. So, waiting for today close above this channel is idle.
- Support 1 : This horizontal red line is at $284 level and today ZEC has also given another breakout by trading above this resistance which was support before. Now, ZEC moves to $291 with decent volumes and by closing above support 1 for two days will not only raise the bullish bias but also change the trend from down to up.
- Moving Averages: Red and yellow wavy lines on chart above are 10 Days and 50 days exponential moving averages. 50 Day EMA which is $274.3 level has provided a tough support to the falling prices of this script. One can clearly how this support was pressurized by the bears, but bulls manage to held this support hence bears gave up and breakout happened. Now 10 Days EMA(yellow wavy line) which is at $297 level left to clear. If this also get cleared than new buyers can pounced on ZEC for ride to higher levels.
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Now the conclusion
In conclusion, i must say bulls of zec has shown a tough fight to bears. I was also in impression on my last update on 05/07/2017 i.e. https://steemit.com/zcash/@jimmyrai28/zcash-zec-usd-update-05-07-2017-support-broken-turned-more-weak-but-will-it-bounce, that if level $273 level is held then one can hope for reversal and that exactly happened here. Now just wait for close above $297 level for more conviction or just buy today with stop loss below $284 level for targets $344 and then $413. But i again repeat two close above important levels is always a wise option, but lion heart or risky traders can ignore this option.
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I picked up ZEC a little while ago when it was trending close to 1:1 with ETH. Seemed to be bottoming out there and a lot of lower wicks were appearing with bulls buying them up. Looking forward to this entire correction phase that we have been indulging in for nearly a month come to an end. :)
Yes nitin, correction seems to be over, but still two close above $284 is required...
I'm using your posts to learn about this technical analysis stuff :)Nicely done @jimmyrai28
:)