ZEC/USD - 20.08.2018/Волновой анализ
Crypto Update: Zcash Price May Repeat 2017 Bull Run
Crypto Update: Zcash Price May Repeat 2017 Bull Run
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The Zcash/US Dollar (ZEC/USD) entered 2018 with a lot of potential. During the first week of January alone, the pair skyrocketed by as much as 97.9%. Unfortunately for buyers at this level, Zec Chart Usd
Nevertheless, those who bought recently and those who are still buying have reasons to be optimistic. It seems that ZEC/USD may be preparing for an encore performance of its impressive 2017 bull run.
Descending triangles often have a bearish bias. The formation of lower highs eventually puts too much pressure on a key support level. Usually, the breakout happens on the third drop to the support. However, the descending triangle becomes bullish if the market manages to take out the resistance before the third drop. ZEC/USD does this very well.
Back in September 2017, the market was in real danger of triggering a descending triangle. After all, ZEC/USD has climbed from $22 on February 21, 2017 all the way up to $449.99 on June 14, 2017. However, $170 proved to be such a strong support that a second drop ignited a rally that torched the resistance. The breakout was so convincing that the market converted the resistance into support. This was the beginning of an impressive bull run to $900.
More than half a year later and the pair appears to be doing the same thing all over again. It is creating another descending triangle and still relying on the $170 support level. Bears may try their very best to breach it but at the end of the day, $170 is where bull runs are made.
The previous statement sounds overly confident but that confidence stems from market psychology. ZEC/USD has a habit of annihilating descending triangles. It then turns the resistance into a firm support level and uses it as a springboard to reach new heights. This pattern can also be seen on the hourly chart.
Like what was said above, bears tried their very best to take out $170. On a smaller time frame, they were able to push the market down to $150. Unfortunately for sellers at this level, $150 was a bear trap. Bulls eventually recovered past $170 and broke out of the descending triangle on the hourly chart.
If ZEC/USD is bullish on the hourly, then it is only a matter of time before the pair breaks out of the descending triangle on the daily. We might be looking at a repeat of the 2017 bull run.
Zcash has been in bear territory for the better part of the year. However, it appears that things are about to change soon as the market creates another descending triangle on the daily chart. With the hourly chart looking bullish, it is only a matter of time before ZEC/USD starts a bull run that can rival its 2017 counterpart.
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Kiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance.
Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.
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Excellent Analysis. I’m very Bullish on ZCash for the longterm, and for now I can feel the same for the shorterm as well
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It sort of warms the heart to see crypto pricing finally reacting to fundamental news after so many months where fear and greed seem to have been the dominant forces. Even so, that doesn’t necessarily mean we should simply accept just any news at face value. Take the case last week of Tron.
The price of Tron’s TRX currrency was up over 3% and nearly 6ovin the previous 7 days. That is a pretty impressive short term performance for the #6 ranked crypto. This brings its total cap to $1.3 billion.
In the interest of fairness we should mention that TRX is one of the most volatile of all. In the last two months the price has dropped over 50%. Wow, it took Bitcoin nearly 6 months to achieve that dubious distinction. So we don’t want set off a three alarm fire here but let’s take a quick look at what is going on.
On Friday CryptoNews featured the following headline: “
The headline refers to the listing of TRX on the Coinpayments platform. This represents good progress for Tron as it will allow the spending of TRX through the CoinPayments network. These guys appear to be the global giant with over 2.2 million businesses. If this is right, Tron is truly getting a huge boost on competitors.
CoinPayments wallet accepts over 960 different altcoins (including ERC20) and operates worldwide. The CoinPayments wallet is claims to be free for non-commercial applications. Merchants using the checkout system and API’s are charged a small 0.50% fee on incoming transactions, which is deducted during payment.
If the 0.50% fee is the complete change, this is very appealing to any merchant accustom to paying anywhere from 2.9% to 4.5% fees for so called “card not present” merchant processing services.
The fact that Tron developers are out to be the Ethereum killer puts them right along side of TenX that raised over $64 million last year as well Electrum BTC Wallet, Unocoin and other Ethereum wannabes. So, is it time to get crypto crazy over the Tron news? Let’s take a closer look.
I have a bias toward projects involving payment processing or just about anything that promotes the acceptance and use of crypto. Critics may scoff at some projects that don’t provide total anonymity. But that dismisses a key issue. While privacy is a vital tenant of the crypto world, until crypto can be used to buy goods and services, it will lack the status as a legitimate currency. Projects like Tron and others can change the picture.
A quick look at CoinPayments shows that Tron is making progress but has a way to go before reaching perfection. Estimates of revenues for this five year old company is around $6+ million. This places them toward the bottom rung of the top five closest payment competitors whose revenues run as high as $300 million.
With the agreement, TRX tokens can be used with some 2.2 million CoinPayments customers worldwide. This is nothing to ignore. However, much like the early days of Square, most of these customers are tiny online stores that are drawn to CoinPayments for their bargain fees. There are no big box stores or even large online retailers like Target.
So while the TRON news is good and the market has given the price as warm response, it’s too early for a standing ovation.
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On August 22, 2018 we published an article revealing how
after bouncing from historic support areas. This was a signal that the worst of the altcoin apocalypse in 2018 was likely over. Bears look extremely exhausted and bulls are exploiting the situation. We have the next batch of altcoins to continue this trend.
In this article, we show how EOS/ETH, NANO/BTC, and WTC/BTC have joined the bullish reversal bandwagon.
The EOS/Ethereum (EOS/ETH) pair came off lows of 0.014913 on August 10. At that price, the market shed over 55% of its value from the all-time high of 0.033261 that was seen on April 29.
It appeared that EOS/ETH had more downside potential. However, bears no longer had it within them to drive the market even further.
As you can see, bears were up against the uptrend support of EOS/ETH. The market has respected this support since October 2017. Bears needed to generate extremely high momentum to follow through. Unfortunately, the market was already in oversold territory. This gave bulls the spark they needed to rally and break out of the falling wedge on the daily chart.
EOS/ETH is one more altcoin pair that’s likely out of bear territory.
ranks NANO (NANO/BTC) as the 24th largest cryptocurrency in terms of market capitalization. The altcoin would have ranked higher if it did not lose over 80% of its value from the 2018 high of 0.002945. No thanks to bears who have imposed their will for most of the year.
NANO/BTC just posted one of the strongest breakouts I have ever seen, as volume skyrocketed to almost 320% of its daily average. Based on the Binance chart, it appears that NANO has never printed that extreme volume level before.
As a result, we can see a convincing breakout from the falling wedge. This sends a reverberating message that NANO is in bull territory.
The Walton/Bitcoin (WTC/BTC) pair is down over 80% from its 2018 high of 0.0038789. The market has been bearish for most of the year. But just like the altcoins in this article, that deep bearishness was the main catalyst for a bullish breakout.
Walton/Bitcoin eradicated the large falling wedge pattern that has kept the market bearish for more than half a year. The breakout happened after the pair bounced from long-term support of 0.0003. This encouraged more bottom fishers and bargain hunters to enter long positions.
In addition, the breakout was pushed by heavy volume. While WTC/BTC did not generate extremely heavy volume on the day of the breakout, volume remained elevated over a four-day period. This suggests that participants were willing to buy the market even if prices were surging. It appears that buyers expect the market to rise significantly in the near future.
Lastly, the RSI also broke out from a large falling wedge. This is another indicator that bears are no longer in-charge.
The worst of the 2018 altcoin apocalypse appears to be over. Bulls have emerged as bears wither in exhaustion. EOS, NANO, and WTC are just the next batch of what seems to be a long line of bullish reversal bandwagoners.
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Kiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance.
Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.
Crypto Update: Bitcoin Continues to Lead, Tests $6750 Again
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Bitcoin’s stability and relative strength continue to be the most promising signs in the cryptocurrency segment, with the largest coin pushing modestly higher Friday in late trading before pulling back slightly today. Among the other majors, only Litecoin is showing considerable short-term relative strength, while the largest altcoins are clearly lagging behind BTC.
Thanks mostly to Bitcoin, the total value of the market climbed by $5 billion, and topped $215 billion, with BTC’s dominance increasing yet again. The diverging technical setups point to further relative gains for Bitcoin, as the broad bearish trend in altcoins still looks very strong. The lack of follow through in Ripple and the still missing bullish leadership suggest at least a test of the lows in the coming weeks with regards to most of the top coins.
While Bitcoin left the narrow short-term trading range in the past 24 hours, as the recent swing high is still ahead as resistance, the coin remains
. BTC briefly topped the $6750 level after clearing $6500, but for now, the rally halted.
A test of the $5850 level is still likely in the coming weeks, given the weakness in the segment, but a successful test could set up a more durable rally in the largest coin. Further support levels are found at $6275 and $6000 while resistance zones are ahead near $7000 and $7250.
Ethereum’s weakness is in stark contrast with BTC’ strength, as ETH failed to gain ground even in the thin weekend environment, with its price being capped by the $275-$280 resistance zone. A test of the low near $260 and even another leg lower in the downtrend seems likely and the coin remains on a sell signal both from short- and long-term perspectives. Further resistance is ahead at $300 and $335, while support is found at $250 or $235.
While Ripple continues to hold up above the $0.32 level, the coin failed to follow BTC higher and the lack of momentum is suspicious, even as XRP is still on a short-term buy signal in our trend model. The currency is in a broad declining trend, and despite the still oversold long-term momentum readings, it remains on a long-term sell signal, and the current rally is likely only a counter-trend move. Primary resistance is ahead at $0.35, while support is found at $0.30 and near $0.26, with a short-term level at $0.3130.
LTC has been drifting higher in the past 24 hours, holding up above the weak rising trendline within the broader bearish consolidation pattern. The coin still looks vulnerable, with a test of the $50 level looking being likely in the coming period, and traders should still stay away from LTC. The $56 support level is in focus currently, with strong resistance ahead near $64, while a weaker level is ahead below that near $59.
Disclaimer: The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.
Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions
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Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.
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