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ZCash moves in a corrective structure, is the right moment to buy?


Zcash was moving in an upward channel since the sharp drop it made during the Black Thursday (March 12) and made a top of $49,18 on April 30. Since then, it is moving inside a descending path depicted here by a linear regression channel.
The last dop experienced by this digital asset happened last Sunday, in sync with Bitcoin's mini-crash. Since then, it continued weak near the bottom of the channel until May 12, when it made a substantial upsurge that brought the price back to the mid-line, which corresponds to the linear regression of the corrective structure. Then, on Thursday, it continued moving up and now is faced with the $43.5 resistance level, as the price action shifted the Bollinger band's direction to the upside.

Zcash outlook

All indications point to an underlying bullish bias, being the current leg just a consolidation- or corrective- structure. Now, we consider that a break above that level could drive buyers to enter a long position, with a target at the last high of $47.5, and with an invalidation level at $42.5, for a Reward-to-risk factor of 2.

The Setup

    • Long Entry: 43.51
    • Profit Target: 47.5
    • Invalidation Level: 41.52

Reward/Risk: 2

CryptoRocket Review

Source: https://www.cryptorocket.com/news/zcash-moves-in-a-corrective-structure-is-the-right-moment-to-buy/
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