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ZEC/BTC Long Trading Setup

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ZEC/BTC

ZEC/BTC changed little today and seemed undecided on the short term. The cryptocurrency pair dropped in the last two days as the crypto market crashed. It remains to see what will really happen in the upcoming days because the rate is still under some pressure.

We may have a great buying opportunity if the rate will come back down to test and retest some very important support levels. It is trading at 0.03192501 after the failure to reach the 0.03500000 psychological level.

 ZEC/BTC Charts - Forex Academy

The last corrective phase was expected after the failure to stabilize above the median line (ML) of the ascending pitchfork and after the valid breakdown below the downside 50% Fibonacci line. ZEC/BTC increase a little, but this could be only temporary if will fail to stay above the median line (ml) of the minor descending pitchfork.

The pair has shown an oversold when has failed to approach and reach the lower median line (lml) of the minor descending Pitchfork.

We’ll have a great buying opportunity if the price makes a minor consolidation in the upcoming days and if will continue to stay above the median line (ml) and above the first warning line (WL1) of the ascending pitchfork.

Conclusion

The rate is somehow expected to increase further after the breakout above the median line (ml). Price has come to retest the broken dynamic resistance. The rate could increase from here and could jump above the 50% Fibonacci line (descending dotted line), but personally, I would like to see a minor decrease and a consolidation before will climb much higher.

©Forex.Academy

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