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The larger view picture of Zcash (ZEC/USD) shows what could be an ideal bullish setup. The two consecutive rounds of bottom formation is bullish because these reflect a very extended time of consolidation and churning of price sideways. As the chart below shows, ZEC had done this for about seven months. IF the wedge represents the degree of correction following a five wave impulse; then higher lows need to be placed. Price currently is undergoing a minor correction and as long as it stays above the prior low; a trend reversal potential is still in effect.
Here is a very common type of pattern for Altcoins, the broadening pattern. Recall from about 4 months ago, that I had posted on the speciation of patterns for Cryptos. The most common was the Cup & Handle (Chalices of Wealth); then the descending wedge and then the Jaws of Wealth, Broadening Pattern. Within each type, there is also unique variations of degree, waves and length. For ZEC, Elliott Waves and Pattern indicate that higher highs are not too far off. As price had touched the lower blue line; it now is expected to traverse towards the upper line. The target is shown to be somewhere in the $1,179 zone. Does this projection mean it'll happe tomorrow? NO! The July to early Fall would be ideal time frame. As long as the lower blue lline holds against any decisive breaching, ZEC could have a rather bullish outlook.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
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