On the 4 hr chart, you can see the overall downward trend channel since at least 20 Jan. Notice also the closest resistance and support are 406 and 316 respectively. The fun doesn't end there though. Checkout the and the yellow . Compare THIS to the yellow on the chart. See a difference? One is angled, one is angled down. When there is a difference between the two on major bumps, we call that a divergence. In this case, since the is a LEADING indicator, it would be a positive divergence. The market sure took notice, and buyers pushed Zcash from 350 to 400. If you entered at 350, or as soon as the positive divergence was spotted, you would have made a decent gain( almost 15%). Sounds like a great new strat? right?
Ugg in a more positive market I would really consider it given other supporting evidence, I really would. However I just don't have confidence the positive divergence right now. Zcash, like almost all of the minor coins follow its ruler, BTC . With BTC diving without many signs of reversal yet, it would be silly to try and catch a falling knife.
One last thing, check the . The is a LAGGING indicator, so not amazing at telling the future. Based on the crossover(yellow circle), this means that the short term price action averages is dipping below the longer term price action averages. It also means it won't likely come back up for a positive crossover for at least another few four hour cycles. Until then we should see the price fall until it can get its footing... until the next fall.
Wish I could prescribe a cure for this bear market, but that is one solution only the buyers hold.
Enjoy your Super bowl sunday if your into that stuff.
If not, have a few sliders and cold ones for me ;)
-Dr. Don't Watch
Until then, don't try to catch the falling knife. Remember BTC is the master.
Best of luck,