Cryptocurrency market is a highly dynamic market as it goes on 24/7. A lot can change in this market in 24 hours.. To take a closer look at what has changed in ZEC/USD and ZEC/BTC parities in the last 24 hours, what kind of changes may occur in the next time frame, come to our Zcash (ZEC) technical analysis article.
Zcash (ZEC) technicalk mainDecember 17
With Bitcoin rising to $23,800, eyes are shifting to altcoins one by one. Which altcoins will the capital from Bitcoin go to? For this, we analyzed the graphs one by one and wanted to point out the opportunities in the Zcash ZEC graph for our dear readers.
Zcash tested support 3 times, twice in September and once in early November.. This formation, which is defined as the triple bottom, is an extremely strong reversal sign.
After this point, it started to rise and received an upward reaction from the so-called Golden Zone.. A chart cannot clearly state that it will go up.
According to Elliott wave theory, this structure may have triggered the first impulse movement.. In such a case, the possibility of extending to 124 dollars for the third wave and to 137 dollars for the fifth wave has emerged strongly.
The strong reaction from the green 2 turning point is the strongest sign that the price will embark on this great journey.
Note: The article does not contain investment advice.
Dec 6 Zcash (ZEC) technical analysis
In our Zcash 4-hour chart, the price has been in a triangle for a long time. We see that the formation. The target of the triangle formation is 100 dollars. This level also acts as a resistance for the cryptocurrency.. Zcash must first be able to close above this level in order to reach its next target of $180.
See: What is Zcash and how to buy it?
Indicators. First of all, the decrease in the transaction volume catches our eye.. Each entity in the consolidation process creates a similar image. In Bulltrading, however, we see that the bearish is about to end and it’s only a matter of time before the histogram turns green.. The RSI, on the other hand, tells us that the asset is in extremely good buy territory.. This region has produced signals suitable for return.. Stop support below.
Probable targets
See: How to mine Zcash?
Click to review other technical details about Zcash. ZEC/USD
This is my observation, not a trade recommendation. Also take a close look at the BTC/USD pair, as all other cryptocurrencies follow Bitcoin.