Crypto Analysis Report 7-15-18 ZCash Hit Support At $160, But Price Isn't Out Of The Water Just Yet
I last spoke about ZCash four months ago,
If and when price reaches the $350, I anticipate a strong reaction and we should see price move up to my $525 target. The wick established on 2/10 (aqua circle) tells me there are sell orders sitting to the left as indicated in the red circle. This is why I selected $525 as a target.
Price eventually went through both daily demand zones, but appears to have reacted to a long term support line at $160. It also helps that Coinbase said on Friday they are considering adding Zcash to their platform.
On the daily chart price isn't out of the woods yet. If price is ultimately going to go higher, price must take out the recent pivot high at $200 (green circle) and must take out the sellers at $240 (orange circle). At this time, I don't see any set-up to go long yet. For aggressive traders, at least wait for the daily candle to close above the 21 EMA before considering going long.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas
This will be a good example to see how the technicals and fundamentals collide as the news from coinbase should definitely cause some demand in the short term.
Agree. I use to own Ox before the Market turned sour earlier this year. It's a great project and some of the higher ups at Coinbase sit on the board at Ox.
Dude, they are all dropping because of BTC. Just HODL. ZEC is what I’m mining 24/7. No FUD from me. All my alt coin holdings are tanking right now. Why? BTC is dropping. It is the tide that raises and lowers all boats.
How do you mine ZEC?
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I agree with the author, @rollandthomas!