ZEC/USD Uptrend Channel Shows Potential Upside in the Near Term

29 thg 6, 2019

Zcash is shown to be in a clear uptrend channel (in black). Despite various movements below the channel and into the black dotted area, Zcash has continued to pull back up into and respect the channel. Currently, Zcash is caught in a tight area and may make a small break to the downside with potential support around 105-107 at the bottom of the channel. If support is found there I think it is likely that a break above the triangle (shown in blue) will soon follow. This could see Zcash rally up to the top of the channel at around 125. Alternatively, a triangle break may occur without a retest of the bottom of the channel, sending Zcash up to the top of the channel sooner. Of course, it is important to keep an eye on BTC which is clearly leading the market at the moment. The violent movements bitcoin has made recently has dragged Zcash out of the bottom of the channel before.

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