The Zencash/Bitcoin pair (ZEN/BTC) exploded on October 19, 2017 when it breached 0.002 resistance. The breakout was able to gather such a tremendous momentum that the market skyrocketed to 0.00518367 on the same day. Within 24 hours, ZENBTC gained close to 160% in value. Those who bought the breakout were more than happy to take profits.
With breakout players dumping positions, the market plunged to as low as 0.00139 on December 7. Sensing that a higher low was in place, bottom pickers bought positions which helped the market establish a base at 0.0016. Bulls used it to rally and generate higher high of 0.00553 on February 7, 2018. At this point, however, bulls were exhausted, and bears took the chance to send the market into a nosedive. ZEN/BTC has gone through a deep correction since, but this drop can be your opportunity to ride the market’s next move up.
Technical analysis show that Zencash/Bitcoin appears to have created a wide upward channel that began on October 9, 2017 when it created a low of 0.0010495. It then generated a higher low of 0.00139 on December 7. Recently, the market posted a new higher low of 0.0018 on March 27. The price action suggests that ZEN/BTC is about to climb to the top end of the channel.
The strategy is to buy as close to 0.0022 as possible. This is key because the 9-day exponential moving average is about to go above the 20-day Bollinger Band at this level. More often than not, the market rallied when this happened. If it rallies again, the market may gather enough momentum to hit our target of 0.005.
Daily Chart of Zencash/Bitcoin on Bittrex
Summary:
Look to Buy Zencash around .0022 BTC
Look to sell around .05 BTC