ZcashLong
Solid foundation but low on excitment, that's Zcash for ya!
Updated
Is Zcash a good bet with the current hype market we are seeing in cryptoland?
Probably not, but I'll keep it for now.
Fundamental
Woke up today, looked at Coinmarketcap and saw the increase in Zcash.
Thought to myself, I gotta get an idea out on Zcash. Have had it since start of my portfolio spreadsheet (much longer in reality but I go with what I can prove).
Fired up the chart, started drawing, sat there smiling. The chart looks real good.
Put in my target (where its now "it could go to this area"), posted preview on Koinworld (Trade group), and headed of to read up.
That's where it fell apart a little bit to me.
So I lowered my target and will look to change out ZEC with something more hype based in the near future (Gotta go with the flow).
When I started to read up on Zcash for this idea, I realized, nothing excites me here.
Don't get me wrong, I think Zcash is a real solid project with a future.
However, I think there is better places to put money for the next couple months.
Opportunity cost is a real thing.
This is where I normally would have posted some rumours, happenings or something that excited me.
I am having problems with that.
Zcash is doing good work on their product, and as mentioned, I think they will be around for a long time.
But I dont see huge increases happening here.
A big problem with Zcash is the founder rewards and the amount of coins that get released to the market on a regular basis.
This will go on until 2019-2020 I believe, so even though its probably priced in to some extent, you gotta count that as well.
Technical
So of to the chart. The reason why I decided to hold on a little bit longer, even though right now this 1.618 resistance would have been a very alright place to sell out.
You can see it floated nicely between the 0.618 levels of pitchfork (blue area). Built momentum, went ahead to test the 1.618, failed, and today its back to try again.
I think it breaks it, but my sell order is ready at the next fib extension. 1095 USD (2.618 FIB)
Let's see if we can get there, the road is far from long.
If I am wrong (or the market is extremely bullish the next months) I could see Zcash going up to my last fib (4.618).
Updates will follow until I have sold out my Zcash :)
Probably not, but I'll keep it for now.
Fundamental
Woke up today, looked at Coinmarketcap and saw the increase in Zcash.
Thought to myself, I gotta get an idea out on Zcash. Have had it since start of my portfolio spreadsheet (much longer in reality but I go with what I can prove).
Fired up the chart, started drawing, sat there smiling. The chart looks real good.
Put in my target (where its now "it could go to this area"), posted preview on Koinworld (Trade group), and headed of to read up.
That's where it fell apart a little bit to me.
So I lowered my target and will look to change out ZEC with something more hype based in the near future (Gotta go with the flow).
When I started to read up on Zcash for this idea, I realized, nothing excites me here.
Don't get me wrong, I think Zcash is a real solid project with a future.
However, I think there is better places to put money for the next couple months.
Opportunity cost is a real thing.
This is where I normally would have posted some rumours, happenings or something that excited me.
I am having problems with that.
Zcash is doing good work on their product, and as mentioned, I think they will be around for a long time.
But I dont see huge increases happening here.
A big problem with Zcash is the founder rewards and the amount of coins that get released to the market on a regular basis.
This will go on until 2019-2020 I believe, so even though its probably priced in to some extent, you gotta count that as well.
Technical
So of to the chart. The reason why I decided to hold on a little bit longer, even though right now this 1.618 resistance would have been a very alright place to sell out.
You can see it floated nicely between the 0.618 levels of pitchfork (blue area). Built momentum, went ahead to test the 1.618, failed, and today its back to try again.
I think it breaks it, but my sell order is ready at the next fib extension. 1095 USD (2.618 FIB)
Let's see if we can get there, the road is far from long.
If I am wrong (or the market is extremely bullish the next months) I could see Zcash going up to my last fib (4.618).
Updates will follow until I have sold out my Zcash :)
Note
Alright, looks to be breaking the FIB now! So time for a quick update on the short term.8 green 4H candles in a row here. If buying is your objective here, I would wait for small correction. Probably going down to test the 1.618 again.
Note
Wanted to do an update on this one but my TA on bitfinex chart as dissapeared.Not the first time this happens either, really annoying.. but ohwell.
Note
Little look at some support levels here at ZEC.Note
Spiked exactly down to the 0.236 fib!I am looking to get out of this Zcash position now :)
Trade closed: stop reached
Not very impressive from Zcash over the weekend. Bailed at 519 USD.Up 79% on this trade, good enough :)
Note
No. 60% actually, sorry!
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