ZECUSD: Possible close above 760 to touch 1200From the chart, Zcash appears to be forming a bullish ascending triangle on the daily time frame.
A bullish ascending triangle typically forms after an uptrend and is characterized by a sloping trend-line at the bottom, formed by two or more consecutive higher lows.
The top of the pattern is formed by drawing a horizontal line connecting two or more highs that create a resistance level.
In this case, resistance sits at the $760 area.
For the ascending triangle to be successfully confirmed, ZEC will need to remain in the pattern and close above the $760 resistance on the daily timeframe.
A clean break above $760 followed by a successful retest could then pave the way for a move toward the $1,200 area.
If this breakout completes, I'd expect it to happen around the first week of December.
However,
if ZEC fails to break above the $760 resistance, I'd expect a move down to support at around the $400 zone.
Volume will be critical to watch here - a breakout above $760 should be accompanied by a strong volume spike to confirm buyer conviction. Without volume confirmation, any move above resistance could be a false breakout.
As always good luck and this is just my technical observation and not financial advice; hence always DYOR.
