$ZenBtc Technical Analysis | Triangle Breakout Expected from this support line

cryptokraze (72)in #bitcoin • 8 years ago

CryptoKraze here

In this post I am going to cover technical analysis of Zen Cash for Mid term trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of Zen Cash.

Possibility on 4 Hour Chart

If you look at 4 hour chart, you will see ZenCash has formed ascending triangle on trend line support and ready to break out of triangle. This is very common pattern in crypto currencies, whenever a coin makes this symmetrical triangle, a breakout is imminent that is right in process. If we look at RSI, it has touched 70 level and has dipped below 50 level. It has to rise up to touch 70 level again. Now let's have a look on bollinger bands, you can see price has reached median line and it will bounce from here to reach top bands again.

I have a buy entry at 0.003250 with my profit target will be around 0.005000 or above.
Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

Have a look on my other Posts
Bitcoin Technical Insight by Crypto Kraze | We have started Journey to $24,000
Averaging Technique in Crypto Trading
Steem in Process to Form A Cup & Handle Pattern on Major Resistance Level
TenxPay Technical Analysis | Symmetrical Triangle about to breakout

If you like my posts and analysis and want me to add analysis on more cryptocurrencies, let me know in comments and I will add analysis

Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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