ZEC/USD Uptrend Channel with Repeating Triangle Patterns
This is a follow up to the update I posted an hour ago. As shown, there is a clear repeating pattern occurring with a break down from the purple triangles and a later break up from the blue triangles. Following the channel hold which occurred at 106, I expected either a retest of the channel at 107-108, followed by a breakout of the triangle and up towards the 125 region, or an immediate breakout up to the 125 region without a retest.
Of course, any significant downside move by bitcoin could negate this pattern as it tends to drag the market down with it. Therefore, when trading ALTS such as Zcash it is important to always keep an eye on bitcoin too. Nonetheless, the pattern shown here appears very strong and I think it is highly likely that ZEC will soon reach 125.
Of course, any significant downside move by bitcoin could negate this pattern as it tends to drag the market down with it. Therefore, when trading ALTS such as Zcash it is important to always keep an eye on bitcoin too. Nonetheless, the pattern shown here appears very strong and I think it is highly likely that ZEC will soon reach 125.
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.