From the chart, Zcash appears to be forming a bullish ascending triangle on the daily time frame.
A bullish ascending triangle typically forms after an uptrend and is characterized by a sloping trend-line at the bottom, formed by two or more consecutive higher lows.
The top of the pattern is formed by drawing a horizontal line connecting two or more highs that create a resistance level.
In this case, resistance sits at the $760 area.
For the ascending triangle to be successfully confirmed, ZEC will need to remain in the pattern and close above the $760 resistance on the daily timeframe.
A clean break above $760 followed by a successful retest could then pave the way for a move toward the $1,200 area.
If this breakout completes, I'd expect it to happen around the first week of December.
However,
if ZEC fails to break above the $760 resistance, I'd expect a move down to support at around the $400 zone.
Volume will be critical to watch here - a breakout above $760 should be accompanied by a strong volume spike to confirm buyer conviction. Without volume confirmation, any move above resistance could be a false breakout.
As always good luck and this is just my technical observation and not financial advice; hence always DYOR.
A bullish ascending triangle typically forms after an uptrend and is characterized by a sloping trend-line at the bottom, formed by two or more consecutive higher lows.
The top of the pattern is formed by drawing a horizontal line connecting two or more highs that create a resistance level.
In this case, resistance sits at the $760 area.
For the ascending triangle to be successfully confirmed, ZEC will need to remain in the pattern and close above the $760 resistance on the daily timeframe.
A clean break above $760 followed by a successful retest could then pave the way for a move toward the $1,200 area.
If this breakout completes, I'd expect it to happen around the first week of December.
However,
if ZEC fails to break above the $760 resistance, I'd expect a move down to support at around the $400 zone.
Volume will be critical to watch here - a breakout above $760 should be accompanied by a strong volume spike to confirm buyer conviction. Without volume confirmation, any move above resistance could be a false breakout.
As always good luck and this is just my technical observation and not financial advice; hence always DYOR.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.