Zcash: Strong Support Zone at 56USD and How to TradeIf we look at the 4H timeframe, we will see the bullish market correcting the previous upward movements. The price is not far from a solid support zone formed by SMA100, SMA200, 56.00USD support level, and the daily trend line. It looks like we have all reasons to expect the price reversal from this zone and a new upward movement in the direction of the main trend.
If the price reverses from this zone, we will have a possible buying opportunity. Here is an example:
Buy above 56.15USD
Stop below 53.55USD
Profit target at 63.95USD
Risk per trade must be no more than 3-5% from the capital.
If the price breaks the daily uptrend line, we will have to think about a new trading idea.
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
