ZEN - zencash trading opportunity
Updated
ZEN has formed a long term channel with a slow uptrend.
After a blow off top it has retraced to the bottom of this channel. I just bought back half of my original position (Sold in a previous post)
I have buy orders down to the lower support which it has wicked to in the past, but I am comfortable accumulating at this level. If it breaks this channel I will Stop out of my position and look for a new buying opportunity.
Selling at the top of this channel has been a successful strategy, though keep in mind it will likely break above this channel during the next major bull market.
This is a long term Swing trade for me.
CMF and RSI show bullish divergence on the recent lows, and CMF is testing a break into positive territory for the first time in weeks. Zen was an early mover in the previous mini-alt pump, and I expect it to be again.
Recent volume has still been mostly bearish, without a significant change in the OBV. If Zen is going to hold this channel we will see the OBV pick up soon, and more buy volume on the lower time frames.
Trade active and I will be adding to this position down to the lower support, or on a confirmed bullish turn in the market.
After a blow off top it has retraced to the bottom of this channel. I just bought back half of my original position (Sold in a previous post)
I have buy orders down to the lower support which it has wicked to in the past, but I am comfortable accumulating at this level. If it breaks this channel I will Stop out of my position and look for a new buying opportunity.
Selling at the top of this channel has been a successful strategy, though keep in mind it will likely break above this channel during the next major bull market.
This is a long term Swing trade for me.
CMF and RSI show bullish divergence on the recent lows, and CMF is testing a break into positive territory for the first time in weeks. Zen was an early mover in the previous mini-alt pump, and I expect it to be again.
Recent volume has still been mostly bearish, without a significant change in the OBV. If Zen is going to hold this channel we will see the OBV pick up soon, and more buy volume on the lower time frames.
Trade active and I will be adding to this position down to the lower support, or on a confirmed bullish turn in the market.
Note
Trade going well. Up over 20% on our entry, with plenty more room to go. I have been placing bids along the 20 ma and the uptrend (blue trend line) to buy dips and add to this winning position.
I will collect profit if we break the trend line, if the 5 ma turns down with price below, and will close the position completely if the 5 ma crosses below the 20 ma.
VPVR shows more buying than selling at all price levels during this entire channel. More evidence that this is a long term accumulation channel with potential to break up out of it eventually.
Profit targets are marked in red resistances, or zones.
These are my own trades, I provide them for educational purposes only.
Note
First take profit level hit. Closed 20% of my position in the Red area from previous resistance.Possible return to trend support (blue) for a reload of my position. Close out rest if that support fails to hold.
Next attempt at 0.0041-0.00413 area will break through, when it occurs.
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