This seems like a make or break moment for ZEC, will it be able to reverse the downtrend? I expect a lot of boring PA in the coming months, trading will probably be confined in the 17 to 34 area for a while.
Nota
This was much faster than expected, but the idea still holds. We could see a wick down to 15 (and maybe even more), but anything below 17 should be bought up quickly and brought back into our range.Nota
Got a nice wick down to 15, which got quickly bought back up as planned.I still think we have a few more weeks/months in this range, but 99% sure bottom is in.Nota
Once again, ZEC going much faster than expected.The run from basically 15$ to 45$ was impressive, and now a good correction is only natural.
Around 31$ might prove a good buy, as it's a good support and also corresponds with the usual ~30% drawdown from the highs, but I'm not in any rush to get back in right now. Got bids around 26$ in case we get a "flash dump", but I'll cancel them if we bleed down too slowly.
Basically, the bullish case for me would be a big flush followed by a quick recovery. I will long when the daily shows very clear signs of reversal (volume spike and wick probably). Gotta see momentum and energy on the chart, and if not, I believe this is headed back to 20$
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