Price has dropped from $120++ to a low of $47++ since YCash fork event ( almost 61% decrease in USD value )/ based on Bitfinex chart.
$47 has been a strong support for the whole of 2018 and have proved temporary why this is such a significant support.
Price is currently in an ascending triangle formation since the steep downtrend since $120+. I would not be surprised if this is the bottom where accumulation $ZEC for the long term is a no brainer. However, this is highly dependent on $BTC's movements. $BTC CANNOT fall below $9.4k in order for $ZECUSD's reversal. If $BTC goes full bear, $40/$34 are the next support regions.
I will be scaling into my $ZEC long relatively soon. If $ZECUSD breaks down to $49.64 again (break down from asc triangle structure ), I will be cautious.
$47 has been a strong support for the whole of 2018 and have proved temporary why this is such a significant support.
Price is currently in an ascending triangle formation since the steep downtrend since $120+. I would not be surprised if this is the bottom where accumulation $ZEC for the long term is a no brainer. However, this is highly dependent on $BTC's movements. $BTC CANNOT fall below $9.4k in order for $ZECUSD's reversal. If $BTC goes full bear, $40/$34 are the next support regions.
I will be scaling into my $ZEC long relatively soon. If $ZECUSD breaks down to $49.64 again (break down from asc triangle structure ), I will be cautious.