Trade Recommendation: Zcash

The trading idea is based on a breakout above the local swing high and continuation of the main uptrend. The price rose above SMA20 but now the market forms a new swing high. RSI confirms possible price reversal. MACD lines still give bearish signal and we should be ready to see a short term downward movement to the uptrend line and SMA50. But what if the market continues the uptrend movement without retracement? If so, we should be ready to join it based on the breakout signal. Pending orders for buy can be placed at 575.00 level with stop orders at 405.00 level. The short term target is 700.00 resistance level. The long term target is 1000.00 level. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: ZECUSDT
Buy: 575.00
Stop: 405.00
Profit Targets: 700.00 and 1000.00

The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Zcash.

 

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Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.

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