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$ZEC
Things are getting interesting.
Once again, we’ve seen the $680 region cap yet another rally.
That’s twice in a week, and not dissimilar to what we saw in November, where $680-700 rejected multiple breakout attempts.
And it’s now setting up for what is probably the most important structural test of the uptrend so far.
Firstly, we’re testing the HTF trendline support, which has been holding this move since $300.
On top of that, we’re retesting the prior local high at $600 in the exact same spot as the trendline, giving us a compound support setup.
If that compound support is lost, the uptrend is going to be seriously tested.
Given we now have two $680 rejection candles forming a potential double top, a loss of the trendline likely means testing the pattern neckline at $575, which would ultimately be the last line of defence.
A loss of that would see macro support at $540 tested once again.
That’s almost a potential -10% swing based on a few important structural variables.
On the other hand, if ZEC can hold here and form its higher low pivot, we could potentially see an ascending triangle type formation develop, which would give us the continuation move above $680.
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Ardi@ArdiNSC
$ZEC Still looking for continuation here. Structurally, this is still one of the best macro recovery charts in the market right now. Price has now completed a full V-shaped recovery back into the top of the local $680 range after reclaiming the entire corrective structure from the lows. That said, I still want to see the $700 resistance region properly cleared before getting too aggressive on continuation. But once that level breaks and confirms as support, I’m still targeting a move into the $740 region next. Unbelievable run so far.
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