ZenCash VS Bitcoin Possible Correction Down
Updated
ZenCash has been trending upwards since 24th of June, and has climbed from $15 up to $34, gaining 134%. Recently ZEN/USD faced the resistance at $32, which is 127.2% Fibonacci retracement level applied to the last corrective wave down.
Price has spiked above the resistance, althogh failed to close higher, suggesting the corrective move down. At the same time ZEN found the support at $28, which is 50% Fibs, that was rejected today. As long as price stays above that support, ZenCash is likely to consolidate.
Currently there are two important support levels to watch, $28 and $25, which corresponds to the uptrend trendline. Break below $25 should result in further decline towards $21 and even $18.
On the upside, clear break and close above the $34.6 is required in order for the uptrend continuation to take place.
Price has spiked above the resistance, althogh failed to close higher, suggesting the corrective move down. At the same time ZEN found the support at $28, which is 50% Fibs, that was rejected today. As long as price stays above that support, ZenCash is likely to consolidate.
Currently there are two important support levels to watch, $28 and $25, which corresponds to the uptrend trendline. Break below $25 should result in further decline towards $21 and even $18.
On the upside, clear break and close above the $34.6 is required in order for the uptrend continuation to take place.
Note
support reachedTrade closed: target reached
Trade closed: target reached
ZenCach at the final downside target
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