Zcash Breakout Long Idea

If you're like me, you missed the "privacy coin" meta narrative that sent Zooko's Zcash CRYPTOCAP:ZEC (and to a lesser extent, monero CRYPTOCAP:XMR ) soaring to prices NOBODY had on their bingo cards.

I haven't traded either of these dino coins since 2019 and 2020, respectively, but here we are. I actually love the renewed interest in privacy because it's true to crypto's cypherpunk origins and fights back against increasing surveillance.

But if you didn't ape Zcash early, like me, you got woefully sidelined, waiting for THIS MOMENT, a better entry point (potentially).

ZEC has retraced and printed a nice double-bottom pattern and now a potential cup & handle beneath a key S/R level. I think this long gets a lot less risky if you wait for a break above resistance + confirmation of S/R flip around that $443 level. Of course, you might get front run and it could just take off, so don't get too cute with it.

While ZEC fully decoupled from the rest of the crypto market during it's epic rally, this trade is probably at least somewhat dependent on BTC's cooperation and continued rally as bulls fight to defend 90k and push higher. IF instead we see a continuation of the downtrend, I think the odds of Zcash rallying are significantly lower.

Potential target levels: $528, $572, $644 and I would keep a tight SL given the shaky market conditions.

happy trades,
CD