Zcash / Bitcoin long term bullish patterns
The Zcash/Btc chart has an interesting two bullish long term patterns at the same time that gives high probability of Zcash bullish price action against Bitcoin.
Both patterns started from December 2017 and the buy area is between 0.005 Zec/btc up to 0.01 Zec/Btc . Bearing in mind that its a year and a half patterns in the making it should be taken seriously . and if you are one of the hodlers or long term traders you should have a sound money management to enter such a long term trade .
the first pattern is a Bullish butterfly as shown in the chart it has almost reached the long entry point at 0.005 zec/btc
the second pattern is a wolfe wave pattern that has already reached its long entry point 0.01 zec/btc .
The targets of the trade as follows :
first target 0.013 . the lows of September 2018
second target 0.016 . the lows of December 2017
third target 0.26 . the price balance line of the wolfe wave .
we can see already the lows reached this month of 0.0079 zec/btc which is almost the median point of the area between 0.005 - 0.01 zec/btc , and we see the some possible price action rejection of getting lower . specially the daily candle of 14% up move which might indicate a bottom might have been set .
if you need a confirmation of the signal I suggest waiting for a daily close above the wolfe wave line . but my opinion is any entry below 0.01 is a good entry for a long term trade having in consideration a sound money management and possible position increase if reached the butterfly entry point .
what the ideal price action would be now is a constant up move with little or no retracement ( no highs and lows wave forming ). expect the resistance at the specified three targets mentioned earlier . which are wave 1,3 and the wolfewave balance line.
its also worth to mention how the BTC/USD chart behaved when having a similar wolfe wave pattern shown below. it might give us some insight of possible price action on this chart
Both patterns started from December 2017 and the buy area is between 0.005 Zec/btc up to 0.01 Zec/Btc . Bearing in mind that its a year and a half patterns in the making it should be taken seriously . and if you are one of the hodlers or long term traders you should have a sound money management to enter such a long term trade .
the first pattern is a Bullish butterfly as shown in the chart it has almost reached the long entry point at 0.005 zec/btc
the second pattern is a wolfe wave pattern that has already reached its long entry point 0.01 zec/btc .
The targets of the trade as follows :
first target 0.013 . the lows of September 2018
second target 0.016 . the lows of December 2017
third target 0.26 . the price balance line of the wolfe wave .
we can see already the lows reached this month of 0.0079 zec/btc which is almost the median point of the area between 0.005 - 0.01 zec/btc , and we see the some possible price action rejection of getting lower . specially the daily candle of 14% up move which might indicate a bottom might have been set .
if you need a confirmation of the signal I suggest waiting for a daily close above the wolfe wave line . but my opinion is any entry below 0.01 is a good entry for a long term trade having in consideration a sound money management and possible position increase if reached the butterfly entry point .
what the ideal price action would be now is a constant up move with little or no retracement ( no highs and lows wave forming ). expect the resistance at the specified three targets mentioned earlier . which are wave 1,3 and the wolfewave balance line.
its also worth to mention how the BTC/USD chart behaved when having a similar wolfe wave pattern shown below. it might give us some insight of possible price action on this chart
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