Zcash Entry Levels

Zcash dropped to a possible reversal level and it can give us buy opportunity. Let's look at the daily chart and try to spot the entry levels for our long trades. Now price is at the uptrend line 1 which we can draw based on the swing low of previous 2 days. It can be a possible reversal zone including 0.382 Fib level and the uptrend line 1. We can place buy-stop orders higher than 295.500 or wait for a situation when price breaks the downtrend line. In such way we open long trades based on the market price. Stop orders for these long trades must be below 255.00 level. Profit-target should be near 400.00 level - it's the resistance zone. If price breaks the uptrend line 1, the next reversal zone will be between 240.00 - 235.75 levels. This zone is formed by 0.5 Fib level and the support level. If price drops to this area and we get a confirmed reversal signal, we'll open long trades with stop below the local swing low. If price breaks this support zone, probably we'll see down movement to 0.618 Fib level and even to the uptrend line 2. These levels will be the most interesting for buying. Don't forget that all price reversals must be confirmed by bullish candles or reversal candlestick patterns and RSI.

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