ZECBTC could represent an excellent investment for september. 0.045 level seems like a very strong support zone (bounce multiple times with strong volume). The pair is also oversold.
My entry signal will be when the price breaks out from the current channel on the 15 min chart (if price > 0.05). Target TBD.
Note that for ZECBTC (and any low volatility pairs), I'm looking at the price action and volume from Poloniex AND Bitfinex : that gives additional cues on support and resistance zones.
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Entry signal was triggered (top breakout). I'm now long. And will eventually add to my long position if price action unfold as expected.
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Wow! That's what happen when you trade low volatility pairs : strong movement caused by people closing huge positions at market price.
We just saw that with this pair on Bitfinex. However, strong movements like this one also tell us at which price level big support and resistance are.
Given the latest move, I'm going to lower my stop below 0.04 which seems like an ultimate support until moving it back up to breakeven once support is rebuilding itself.
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Huge bullish candle with lots of volume.
Stop was moved to entry price (breakeven) and I'll now wait for the next consolidation phase before adding to current long position.
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Top breakout from the current consolidation phase is potentially happening right now. Good time to add to current long position.
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There seems to be strong support around 0.044. Price broke out from the top trend line and has retraced to previous support level.
Now seems another good time to enter long with a stop below previous low.
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Looking good...
The downtrend seems now to be over (major top breakout with volume). I'll wait for price to pullback to the 0.5 fib level around 0.05 on the 15 min timeframe then add with a stop below the double bottom @ 0.044.
Thanks for the update!! Was just searching ZEC on tradingview right this instant and then saw your notification.
jbourgault
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@mightytrader, Note that this is the ZECBTC pair and that I'm looking to price action on both Poloniex and Bitfinex (sometimes, good signals are trigerred on only 1 exchange price data)
mightytrader
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@jbourgault, Yes that's true. I was doing ZECBTC on Bittrex.
mightytrader
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Why all of the sudden did people buy? Because it bounced off support? I was getting worried.. I bought at $207 yesterday and thought BCH was going to suck it down.
jbourgault
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@mightytrader, Well, why people are buying is a good question...I would say that all cryptos price movement right now are mainly driven by traders using technical analysis and longer term speculators. In that regards, it would say that yes, people are looking at support/resistance level and overbougth/sold situation to know when to buy or short.
mightytrader
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@jbourgault, Yeah, it makes sense but it's funny how it pumps in minutes like that! To $250. I guess I should just accept it as normal in cryptos (very volatile). I sold mine and just bought back cheaper. Gained an extra ZEC. Rebought at $221.
jbourgault
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@mightytrader, good stuff...yeah, everything that is driven by strong speculation show those kind of movement (parabolic price action, pump & dump) . Quite irrationnal but also very profitable when done right...so ;-)
mightytrader
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@jbourgault, I just reminded myself: The reason I did NOT buy BCH was because I knew there was a real possibility (given how low ZEC's price was) that if I would have sold ZEC and bought BCH... BCH would drop and ZEC would go up.
And I think that's exactly what happened: People left ZEC out of greed to make more from BCH... and they came right back and some of them even bought back higher out of fear.
Of course there is no one single answer... But I would bet that's what most people were doing (selling-out their beloved coin to try and gain more).