ZECUSD - Technical Analysis September 29, 2017 - Current Price $293
ZECUSD
Edward Snowden recently shared his opinion that Zcash could be a solid alternative to bitcoin if only for the privacy it offers. So... Let's look at ZECUSD!
daily
On the daily time frame, we see some cupping that resulted in exuberant price action that sold off and resulted in what is known as a blow-off top. If we ignore the wick, as this was likely the result of Snowden's statement, the cupping had driven the stochastic RSI towards uptrend and we appear to be ready for a MACD cross on the daily chart after support was found at the 170dma.
The concern on this chart is the blow-off top drove the RSI towards the overbought range. Again, being that this is crypto, overbought and oversold are relative.
4 hour
The Stochastic RSI has begun a full cycle as a result of the blow-off top and could drag the daily chart down with it. However, there are a series of bullish moving average crosses that have occurred and each will act as support.
1 hour
My interest in the 1 hour time frame would be for an opportunity to scalp (day trade) a few percent off of an oversold pop that results from the blow-off top. Again in this time frame, we are observing a series of bullish moving average crosses. Currently, the price is basing, and a bounce here can stabilize the price as the stochastic RSI in the 4-hour chart resolves/resets.
Bullish Above: $315
Bearish Below: $266
RISK TRADE: Accumulate long position, sell if price falls below $260
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Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
it was also said that recent regulatory statements in South Korea would be pushing the price back to the moon
Whats interesting, and as I understand the key to the ledger is broken up and distributed to individuals around the world, would make a subpoena near impossible.
I was curious what caused that huge spike yesterday. Most people here were so excited over the smart token news yesterday I didn't see anything about ZEC. I did see the huge spike on the chart but didn't really look into what the cause of it was as I hold a lot more steem than I do ZEC.
It's been a good couple of days in the crypto market for me.
I just posted about Snowden haha.
I see you appear to be using Trading View? Are you "followable" on there by any chance? Also, what are your thoughts on Coingy Vs Trading View? Just personal preference, or do you feel it has better features?
I use TV because i do stocks also and its data for that is from the BATS exchange. TV can also allow people to runs scripts, their own algos.
If one doesnt want to pay for TV -- the API is used widely for free, investing.com is the best application of it.
Oh I didn't know that :-), makes more sense to use TV then since Coinigy is strictly crypto (I wonder if they'll ever add stocks? Hmm).
That's good to know, I'll have to check investing.com out. I noticed one of the newer exchanges is also using TV, I think it was HitBTC.
Yes so TV created a limited version of their API that is free to use commercially, you just dont have as much access.
As far as following me i dont share my charts through the platform
Okay that's cool! I'm following you here anyway hehe. ;-)
Alternative to Bitcoin? no way. But it's a good coin.
Snowden said it not me ;) but to be honest i've likes the coin for a while and find it outperforms eth.
I held my coins for 2 months buying it for 62k Sat and sold it for 57K Sat just the day before recent pump. Too bad. But yeah in terms of price it will out perform ETH.
I bought around 225 awhile back and when I saw it start dropping from 400+I dumped at 375. I'm not 100% sure Snowden caused this, the big pump was on 8/28 and that article (at least one I saw came out 9/29). Still he will draw attention to it - both good and bad.
If a large dark market picks it up like Monero was last year it's going to double. I think it still needs a decentralized exchange too - the centralized exchanges I'm on only allow transfers in and out in the transparent mode.
Nice charts! Resteemed and followed.
Steem on!