ZEC is currently trading at 440 and is approx 45% of its ATH .
I have drawn the key levels in dotted red. The thicker red line at 425.37 seems a strong support as it has held a number of times on the 4 hour chart. The support at 402.77 has also been tested a number of times. Of course 400 is an important psychological level.
On the 1 hour chart price is testing the cloud. If price closed within the cloud then a edge-to-edge trade could be opened.
SL: 390 (below the recent support and the psychological 400 level)
Target: 564. Consider taking profits at the key resistance levels (red dotted lines) on the way up.
Will continue to monitor and update over the coming days.
On the 8HR chart (below). I have adjusted the key support/resistance lines (in dotted red) to align with recent price action. We had a death cross on early Feb which was followed by an expected price drop. Price recovered and is now being supported by the 375 level which was previous resistance/support in Feb.
On the 1D chart (not shown) price is back above the 200 EMA and this is being respected as support. ZEC has only fallen below the 200 EMA on one previous occasion before the fall in early 2018 - both times price fell to 30% below the 200. It looks like ZEC is consolidating and we should see price increase.
I will be watching the 8HR chart to see if the price creates a new trend along the new black line and if it can break the black trend line(s). Also looking at the blue trend lines indicated on the RSI for breakouts.
I will monitor this to see if the above happens as this will confirm the uptrend is valid.
1D (not shown) ZEC is bouncing off the 200 EMA nicely and is now moving upwards. Postive.
- Add Fib levels from the Jan high to the Feb low. Price is currently consolidating around 380 (fib 0.236)
- Vol up slightly
- Drawn new short term S & R levels in green / red boxes. R looks strong at 466 (fib 0.382).
- Price currently ranging between current price and 415 (bottom of lower R box).
- Potential falling wedge pattern which should break out to the upside.
- 325.78 - Support on 4th and 7th of Feb and current support
- 280.00 - Support on 5th Feb then major major support level in December prior to the recent surge.
There are no other support levels of note on the 4HR chart. If we fall through 327 then a steady decline back to 280 could be on the cards.
- Price is dropping back down to test the 280 level
- RSI continues a long trend downwards from early Feb which it has only broken through briefly on the 5th March.
- RSI 55 level is also a level to break for the market to confirm a recovery to bullish:
Look out for:
- RSI to break the resistance levels noted above
If price drops back to 280 level this could be a good buy level with a tight stop below the next support at 265.07.