The overall trend of ZEC on the daily chart is still going down. Also on this chart we see a completed descending triangle. Also we see that there is a little retracement to the resistance line of 0.023912, now we need to see if this resistance line is going to hold. So let’s look on a smaller timeframe.
If we look on the 4 hour chart we indeed several things that could indicate that the resistance will hold and ZEC will continues his downtrend.
1. Continuation pattern is forming, the rising wedge. When this pattern is completed then we can expect the price is going down further.
2. The last 2 candlestick is an evening star, which also tells us that the price is going down
3. Volume is dropping dramatically
Now we can start to setup a trading plan
Short position (4-hour)
• Entry: A close below the bottom blue line
• Stop Loss: A close above the bottom blue line
• Target: See the blue area
ALWAYS keep in mind! That this is NOT an investment advice, but an analyse . You can do whatever you want with this information, so trade at your own risks!
If we look on the 4 hour chart we indeed several things that could indicate that the resistance will hold and ZEC will continues his downtrend.
1. Continuation pattern is forming, the rising wedge. When this pattern is completed then we can expect the price is going down further.
2. The last 2 candlestick is an evening star, which also tells us that the price is going down
3. Volume is dropping dramatically
Now we can start to setup a trading plan
Short position (4-hour)
• Entry: A close below the bottom blue line
• Stop Loss: A close above the bottom blue line
• Target: See the blue area
ALWAYS keep in mind! That this is NOT an investment advice, but an analyse . You can do whatever you want with this information, so trade at your own risks!
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.
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.