Looking at the weekly chart here, you can see that price has formed a clear, long consolidating bottom. In fact, ZEC has been forming this bottom since late 2018. Additionally, you can see that Zcash has formed a new uptrend, with higher highs and higher lows. So, we’ve formed a bottom. We’re in a new uptrend, and if you look at the , you can see that there have recently been massive spikes as ZEC is on the rise. That shows that investors are taking an interest in ZEC, similar to what we would expect before a massive rally.
Looking at the weekly Gaussian Channel, you can see that it has turned green, and ZEC is holding support on the top of the channel, further demonstrating the bullishness. Looking at the picot strategy indicator, you can also see that we’re on a reversal up.
The is diverging slightly , but I think that could be corrected with a large pump. Furthermore, the is midrange on the weekly, not in overbought or oversold territory. So, I really like the way ZEC looks here, which is why I’m long. As a cherry on top, the upside potential here is massive. For ZEC to reach the 2018 peak, it’s around 1000% up, and for it to reach the all time high, it would have to rally several thousand percentage points higher. Immediate upside resistance is at 137, which is the 200 week moving average.
Speaking of moving averages, ZEC is above all major moving averages on the 4H, daily, and the weekly, aside from the 200 week. Overall, I think there is a strong probability that ZEC will rally 40% to test the 200 week at a bare minimum, and I will welcome 40% with open arms.
I’m The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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