$ZEC, Historical Lows + Coinbase News = Great Risk::Reward
Looking at our trend timeframe we see price is currently looking to form a double inside our 0.25 support zone. Stochastic RSI showing momentum still has some room towards the downside, price is pretty close to ZEC/BTC historical lows. On July 13 Coinbase announced ZEC was a candidate to be added to their exchange in the near future. FOMO is in in the air…
Shifting over to our pattern timeframe we see price broke out of its bearish parallel channel with the coinable news. Stochastic RSI showning momentum has temporarily peaked and we should be seeing a small correction and ZEC retrace towards 0.26 bouncing off our channel.
Finally looking over at our trigger timeframe we see price has recently formed a double top at 0.28 and we should expect price to fall back towards our breakout zone for a retest of support. Stochastic RSI showing momentum in favor of bears. A 4hour close above 0.28 activates our trade, otherwise wait for a drop towards 0.26
