The D3ADLYTuna is here to poison your minds, so let's look at ZCash.
Zec I have been watching for a while now however it has now broken out of the general down trend.
I welcome your comments and feedback.
Good increase over the last few bars.
Yes it's pointing down right now but this lines up with the current retracement and we are looking to confirm it turning on the smaller timeframes and sitting at least FLAT on the daily. The reason for this is that I use different settings on my and as a result it is potentially more volatile, but also much faster to give signals than standard crypto settings.
Now showing a solid uplift from weakness and again will look for the confirmed flatline and turn here in confluence with the 12hr .
I have not shown the waves here however I have left the Fib lines up as this is showing a great 62% retracement on the first wave as shown on the 4hr fib below.
The 4h below shows how the wave has retraced to 62% fib. The daily fib shown here is sitting on another retrace fib line as well.
Yes the cloud and indicators show a down trend. We can see the moving averages have converged and action is sitting between the 20ma and 50ma - which are the brighter Red/Green lines.
At this point it would appear to be a prime entry level but there are several factors to consider here. BTC has technically broken out of the down trend but has neutral action and indicators are about to hit a decision point so we need to see if there will be a break up or down.
Lastly, the indicators im reading here are set to identify possibilities, not confirmations. This means that price action could completely break down from this point with the market so this is a space to watch closely for confirmed support and enter at your own risk. In saying that, the daily has shown a considerable amount of time and support at the current fib hence I am confident in making this suggestion.
-Always use a stop loss.
-Utilise alerts to notify you when you are reaching your target.
-It is common to use no more than 10-20% of capital in any one trade.
-Layer your buys to average your entry cost.
-Always watch BTC as well as your active trades, if BTC breaks down or pumps hard the market will chase it to the detriment of solid trades. FOMO is real.
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