Checking In On Zcash
An update to the technical wedge that I shared with paid subs on Monday. And why I'm encouraged by the action in Grayscale's ZCSH fund.
On Monday I shared some technical thoughts on Bitcoin’s price action. In that post I also covered a couple other cryptocurrencies that I’ve talked about before. One of those cryptos was Litecoin, which I have not made any moves in this week. The other coin was one of my personal favorites, Zcash. I shared a weekly chart of Zcash that showed a pretty massive wedge. Before I get to the Grayscale data, here’s an update to that wedge.
I’m really liking that Zcash, for the fourth time, retested the bottom of that wedge and shot right back up to where it was last week. Zcash is now getting very close to breaking out of the bear cycle. You can see that cycle trend with the second pink descending line. I think a break above a $125 price will unleash a vicious rally up to $200.
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