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ZCASH has reached our targets. What's next?


Zcash has followed a similar upward trend as the leading cryptocurrencies did. ZEXUSD action shows a clear bullish trend. Its last bullish impulse happened after a period of sideways consolidation, which drove its price to the bottom of the channel. On May 30 it broke the triangular formation and headed up past the last $54 top made on March 06, a few days before the market meltdown. After being rejected by the +2 sigma line of the regression channel, the price retraced to its regression line (dotted). There it found buyers and headed up above the $54 level, as the smoothed Stochastic Oscillator made a bullish hook near the 60-level.

If the history of this digital asset teaches us something, we should expect a more extensive period of consolidation before moving to the next impulsive leg up. Usually, we would expect a re-test of the $50 level, which was its latest high. The current bullishness of the crypto sector, impulsed by Bitcoin above $10K may change this scenario, by shortening the consolidation period and a steeper impulse to its next $64 target. That might create further volatility afterward. Thus, if the price evolves in this second scenario, be prepared for sharp retracements.

The best rewards would be brought by the first scenario, by buying a reversal candlestick near the support area (shaded in pink), but also a buy near $54 would provide a decent 1.66 R/R ratio by placing the invalidation level at $48.

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Source: https://www.cryptorocket.com/news/zcash-has-reached-our-targets-whats-next/
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