Buy - ZECUSD
Pattern: Inverse Head and Shoulders
Neckline: 66
Entry: 66
Target: 77
Stop: 62
RR: 3.36
ZECUSD pair completed its correction phase after retracing back to the %38 fib level. Based on the recent historical data, upward waves on ZEC continues until 1.414 fib extension. The price has formed an Inverse Head and Shoulders pattern on the 4h chart. A wise play would be entering at the neckline. I got my entry at 66.14 it was a little bit early entry with some drawdown but until now it worths the risk. We should watch closely the price action at $70 to see how the price will react to the psychological/historical resistance. Considering the strength of the current bull market, I'm expecting a mid-term target of $97 and long-term target of $123. I will hold on to this position based on future price action.
Pattern: Inverse Head and Shoulders
Neckline: 66
Entry: 66
Target: 77
Stop: 62
RR: 3.36
ZECUSD pair completed its correction phase after retracing back to the %38 fib level. Based on the recent historical data, upward waves on ZEC continues until 1.414 fib extension. The price has formed an Inverse Head and Shoulders pattern on the 4h chart. A wise play would be entering at the neckline. I got my entry at 66.14 it was a little bit early entry with some drawdown but until now it worths the risk. We should watch closely the price action at $70 to see how the price will react to the psychological/historical resistance. Considering the strength of the current bull market, I'm expecting a mid-term target of $97 and long-term target of $123. I will hold on to this position based on future price action.