20/03/2019/12:00CET
Could Zcash be setting up for a breakout. Let's take a quick look at the chart and see...
Zcash is a solid privacy focused currency coin with a long history and what I would call a more decentralised community than most projects. That puts it high on my list of coins that will survive.
ZECBTC daily on Bitfinex
and now with what I see...
- ZEC is trading at 61.07usd at press time
- It had bottomed out at about the 48usd mark except for a rather nasty flash crash a bit over 2 weeks ago when it hit a bottom on Bitfinex of 15.52! I don't know if this is a glitch in the trading engine at Bitfinex or if there is some other explanation but even if I go down to the 1 min candles, we still do not see any detail as to this crash. If anyone knows what happened or has a good theory, please share in the comments
- This looks to me as if it is a long forming cup and handle formation. We are having our breakout to the second edge of the cup which should top out at around 70 usd.
- Then I what I will be looking for is a retracement to somewhere between 60 and 65, and then a resumption of positive action.
Context
Just for a little context, I will add this bonus chart of the historical price action
ZECBTC Bitfinex Weekly
As always guys, leave comments, have fun and trade safe.