Zencash Analysis – We were wrong

OK, now something very unexpected and most probably a huge surprise for our readers. We were wrong! Yes, it is almost impossible but we have our own demons too. Vast majority of our analysis are spot on but sometimes the price goes the other way. Time to deal with one piece from this group – ZenCash. For the last time, we talked about this instrument at the end of July and we were bullish, seeing the legitimate buy signal (stating that even in the title):

“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. „

Instead of going up, the price decided to come back below the red line. Well, at least You knew, when you should exit the position, not to increase the loss. The price went lower and in the middle of August, we tested the support on the 16.8 USD. Since that, we do have a pennant formation (upper red and lower black). In theory, that should result in a further drop. Our view on this crypto is negative, even despite the fact that today, we are almost 7% higher. Long-term sentiment remains negative, as long as we stay below the upper black line.