Cryptocurrency
by Seth Parker on July 25, 2018

Zencash Analysis – Legitimate buy signal

Now, time for Zencash, which today is going lower but yesterday, had a great bullish session, which gave us a major buy signal. This is the first time that we will be analysing this crypto so remember this analysis for a further reference.

Bullish situation here is based on the fact that the price bounced from the lower line of the triangle. It was not an ordinary bounce as it started with an inverse head and shoulders formation (orange lines). Few days ago, the price broke the neckline (red) and then, used that as a support. Interestingly, bounce from this line was a direct reason why the price surged.

zen chart

The current aim is the yellow resistance on the 43 USD and chances that we will get there are pretty high. Bullish scenario will be cancelled, when the ZEN will come back below the red line, which form now is less likely to happen.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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