ZCash ZEC Jan 17 Technical Analysis. The Bottom is Near? Long Term Target $1,190 for 280% Gains

hi guys how’s it going today so today I wanted to look at Z cash it straight on to Phenix so it’s a coin that’s caught my attention because it’s retracing to near a buy zone right now in a support zone and I feel that a long-term hold on this coin is actually very very it’s not the best coin for day trading put it that way okay there’s not a lot involve you and it’s so expensive for each coin and doesn’t move that much in a particular day for day trading but for long-term hold it’s a really good coin in general but D trading never been a fan of it on this finan okay so the first thing we need to do here is see extensions of where it possibly reached and what we see is it actually reached a perfect extension for the third wave like it cannot it could not have been any more ideal right the third wave extension or this extension in general where people would have targeted first of all a one to one ratio and they would have targeted maybe a higher or slightly lower a conservative approach as well so this is target one this is target two now the next thing we want to do is we want to count Elliot waves and see what we can count now I saw hyejin’s video at hyejin’s video says that um it said that it was gonna be a minor correction basically and reached $2,500 I disagree with that 100% and I’m gonna rationalize why and I also disagree with his wave count as well no disrespect to him but um I don’t think it’s gonna reach $2,500 anytime soon so I do have a bullish and bearish scenario now the way that we would count this wave would be probably down there as one here’s two here’s an ex attempt that failed ex attempt that failed and I would probably call this three or two there and I call this around three and right now we are right in the buy zone of where the wave one territory ended and that took a long time to consolidate we’re talking about months and months and months we’re talking like like me me to November okay so how long was that I know we’ll just say 5 is up there somewhere for now and we’ll both get a better idea so if we take a look at the date for consolidation here we would notice right away that like let’s just say that this one ends roughly around the same day okay like we’re talking about a long consolidation period here but because this one this one hit a one-to-one extension 161 point 8 a long-term target guys is very viable okay a long-term target is incredibly viable with that one hit about 160 1.8 now we’re just gonna assume right away easily that this one’s could do about 1217 dollars and we’re talking about a long time okay guys we’re talking about like you know like in a few months from now possibly by the end of the year but I wanted to take a look at anyways because right now if I take the Medicis Fibonacci retracement from here to here it’s actually falling to a very respectable region already not only is it a respectable region but we’re nearing this peak of the wave 1 which is also in the 0 6 1 8 Fibonacci region right so it makes me wonder is there obviously there’s gonna be some sort of consolidation in here so we’ve some sort of massive consolidation whether it comes in the form of a triangle you know something like that maybe or whether it comes in an ascending triangle if it’s super bullish which I doubt you know whether it comes in some sort of wedge as well right something like that who knows they can come in a flag consolidation where we get something like that maybe right a channel but either way this consolidation is nearing guys we’re reaching that the very very bottom end of the Fibonacci levels and a very peak area right here so people are gonna be incredibly interested in this coin student now that we’ve established some bye zones we’re going to take a look at um we’re gonna take a look at some of the indicators here ok we see it on a tear down right now but the thing about this is that the blue line on the moving average and the red line they tend to stay near each other if one snaps too far away the or if the blue one snaps too far away that it snaps closer back to the red line it’s just how it is and what we’re seeing as well the for our is that we’re getting a higher high so a brittle is very very near right now we’re getting a higher high on there and we are dangerously oversold zones right now and what we want on the histogram especially is for it to round out so eventually it looks like it’s going to round out we’re getting a positive histogram tick up already now if we just keep going down I bet you it starts around that already and some of it will even be positive sitting on the three-hour chart it’s starting to look like it’s gonna round the hold I think it’s a little down tiny bit more don’t get me wrong it’s probably the test out Fibonacci level again but I do believe that is reaching a peak right now so I’ve seen a lot of plays I mean doesn’t this look like it’s about to curve up to you guys right we’re getting it bullish the diverging right now it’s following Bitcoin don’t get me wrong as well there it’s following bitcoin but it just looks like it’s so close right now the one hour one is just hovering down here hovering down here just looking like it’s ready to go up and this does look like a 5th wave right like a 5th wave extension down here where where it makes some kind of like this right you know kind of like kind of like that right there maybe maybe one more touch somewhere in this green buy zone like this would be buy zone to me is is it’s pretty extreme we will say okay it’s pretty extreme but um but the best we can really say is like I’m a very low wet like 375 a bow we’ll see like 375 ish and and anywhere under you know like under 400 and $425 right I mean if that were the case excuse me guys these oh I almost see is there ah you second oh yeah this Colts not going away it’s been here for about a week and a half now actually no not a week and a half my dad’s had it for about a week and a half and I’ve had it for about three days now only so yeah so good retracement level right there no well we can can’t expect is that a wave for retracement is obviously gonna make some sort of AVC pattern like that right it’s gonna make some sort of ABC but based on the intensity of this a wave coming down it looks to me like this one is going to end up making a triangle instead this usually happens to be like that could be like that this usually happens whenever whatever Bitcoin does this right here or sorry sorry I got sidetracked for a second this usually happens with the intensity of a moves out a lot and then we might get started some sort of ABC like that but most likely it’ll be like an ABCDE kind of pattern and here like that right that’s a really likely pattern as well ABCD and E so yeah I’m thinking super likely pattern I mean we have to evaluate the risk to reward right so first of all we know that it’s betrays to roughly this zone that we’re targeting as a buy zone my bias alone will probably be because I’m on the finnex guys I’m interested in trying to catch the very bottom my buy zone will basically be under for 25 dollars well I’ll start lathering my bias right I’ll start lathering my bias maybe some right now maybe some a little lower even more there and around there those ranges and I want to do that because I’m expecting a balance I’m expecting a balance like this – at least the 380 to Fibonacci level and I think the notching level is right here right like let’s say I enter it right right around the $400 range gate like my got my base price to there and let’s say I’m targeting the 0.5 Fibonacci level okay stop-loss maybe a round number like three hundred and fifty dollars well you’re really risking a little bit you’re only risking about 13 percent right here and don’t forget I’m no financial advisor you guys know financial advisor but you need whisking only 13 percent of your position size with the risk to reward ratio of three point eight four so I see this has a really really go ahead set up right now where everything looks like it’s rounding off because it’s in such oversold zones and we also see the fall even picking up a lot by surprise well it during the day right usually when Bali picks up its sell-off volume as well like during mass dumps with Bitcoin and then when it starts to pick up as well the uptrend starts I mean we just zoom in right now we’re starting to see the volume massively spike like for the past three for the past actually a while now sorry let me just go back to exchange time Chicago here cuz I’m Central Time in Canada so since the nine in the morning so about three and a half hours now we’re seeing it spike we’re seeing it spiked quite a bit right now and volume intense volume is starting to pick up right and because of that like he gives me a good dying off now because I don’t think we’re right at the bottom yet I think anywhere between entry up 375 to FL like see we’ll see 4:15 okay like we’ll see entry under 425 right Ritz to me where you still got a chance to gain about fifty percent of your money if it does bounce here and your stop-loss is set really tight and that’s actually a really really good risk to reward in my opinion 3.84 so that’s all I want to say right now for this particular analysis that long-term guys long term long term I do agree that is or I do agree with hydrogen is gonna get pretty high but I don’t agree with the $1,000 projection yet that’s a little bit too extreme and hard to extrapolate because we haven’t finished all these projections yeah but I do agree that like I do you think that if it hits the one six one eight region we have a very likely chance for the fifth wave to hit somewhere right there the 260 one point eight about eleven ninety one ish that would be a target for away five so let’s say let’s just say it makes a symmetric triangle okay let’s see it makes a symmetric triangle and this is the lowest it’ll get because it’s the six point eight level again well right now like I’m 423 like under 415 to 375 it might actually be the low as it could ever get again right because then the impulse wave starts over here and then we end up writing it up to $1200 so this is a really really low risk one to me in fact my stop-loss when I when I buy this it’s probably going to be a 3:25 I’m willing I’m willing to risk that much I’m willing to risk that much to be 25 no problem at all on my end yeah so now the risk to reward stuff that bad could be two point six two so target is literally $600 right $600 or we can even go more a more a conservative one like 495 right target one 495 target to $600 like that okay that’s my prediction and if you think we’ll all turn once again 11 to anyone it’s a really good number so those that are in a Z cash position you know once again I’m the financial advisor but you guys guide choice trying to shut off some of your risk and try to to shut off some of the risk room you believe is gonna go lower right but right now right now if I were in a position where I’m holding some C cash between five to five to six hundred I probably linked myself this is me I would probably have to buying more right now like a lot more if I was fully like say I don’t know let’s just say a hundred Zi cash or separate that K or like 3040 Zi cash whatever I probably end up buying 30 or 40 more just to try to get a better base price cuz I do believe it’s very near the bottom right now already and Bitcoin is nearing nearing nearing so close to the bottom right and Z cashes is in such oversold zones right now already but it can only equal down so much more as well so I do think it’s very close I think that it’s a really good entry range is between 375 and 415 ish and you know we want to target somewhere between about 500 to $600 I’m sorry have five like really conservatively target one for 95 aggressively at the point 5 fit level maybe above 600 aggressively but long term we still stand that about 1191 and I hope that this technical analysis has helped you guys in one way or another if you guys are unsure with some of the methodology that I’m using for the acceptable analysis you know leave some comments and if there’s enough enough fun concerns about what I’m referring to sometimes I’ll address you in an issue so that we can all understand it and try to be on the same page and then that I’d really appreciate an upvote on steamin I know that I’ve seen it on every video but it’s one of the home it’s my top coin this year and I’ve always been interested in platforms like Reddit and like steamin you know where you can read a lot so I find I find technology think that kind of interesting and I also find technologies like you know a theory and something that are super interesting as well so even though I don’t do a lot about the fundamentals you know it’s just generally speaking as a hobby outside of trading just reading up a little bit on it here and there but I am NOT if you guys liked it be sure to subscribe like and upload it on the steam it YouTube and Twitter and if you guys have any requests of coins you know shoot them oh I really want you guys to make requests for coins right I want to be sure that you guys have lots of different insight I’m sure that there’s times where you think that you’re right or wrong and you’re doubting yourself or you’re sure of yourself and you just want a second opinion that’s all that I am guys I’m not the Bible I’m not I’m not a prophet prophet of any sort like people called me on Bitcoin cash thank you for that reputation because I’ve hit it I’ve hit the mark on Bitcoin cash so many times guys that like it’s getting a little bit ridiculous with with my predictions sometimes with Bitcoin cash so so yeah like the one time I predicted twenty eight hundred we hit $27.99 at the time that I predicted eight hundred and fifty dollar production and we hit eight hundred at 51 right just those two times alone in spoons so yeah but anyways the goal is to make sure that you guys also have another source of the information right you got to make sure you have multiple sources of information so you can so you can maybe get your own consensus or a group consensus or you can formulate your own opinion this way you can evaluate your risk and reward combined with your opinion right combined with your opinion whether I’m right or wrong guys I don’t care I don’t care if I’m right or wrong okay but the goal is I’m just gonna keep taking these chances and I’ve been doing this for two years guys and I can do not that on you know my first six months doing it was really bad but doing it for full time eight months you know quit my job as an as an engineer to do this full-time guys alright so um so I’ve been I’ve been getting much better at it and I’ve treated as a learning curve and as a puzzle right we just want to constantly get better so I don’t care if I’m right or wrong I feel like over time I’ve developed a really good system of good risk to reward and good strategies and that’s why I’m creating these videos to try to add to your source of opinion and information out there so I hope that it’s helping you guys down the road so good luck with Z cash if you decide to enter this trade I think it’s very promising long term I mean long long term like if you put in $10,000 guys like maybe you have a chance to get up to $12,000 right that’s exciting to think about a 300% profit or even $1000 in a few months you know you might be making like you might be making three grand on it right it’s a lot of money so good luck guys good luck traders stay cautious today watch out for Bitcoin please don’t get liquidated ever if you guys get liquidated make sure you are watching my margin trading video okay I try to link that every few days because I held the poll guys on my Twitter about who made during this down downtrend who made money who lost money and who got liquidated and 13% of the people got liquidated so please be cautious take it easy traders

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.