ZEC price has rebounded after briefly overshooting the lower trendline of the ascending triangle on the 4H and is now consolidating above the $546 level, which marks the neckline of the double top flush. Volatility is resetting following the impulsive down move, while RSI is recovering from oversold.
Resistance established at $605, half-way through the impulse down leg. Volume elevated at trendline reclaim, but lower then during seff-off.
ZEC will likely consolidate in the current zone until BBWP resets to the blue zone before attempting a directional move within the triangle. $560 seems like a good entry for short-term trades with targets near $580–$600 lower-timeframe resistances.
Resistance established at $605, half-way through the impulse down leg. Volume elevated at trendline reclaim, but lower then during seff-off.
ZEC will likely consolidate in the current zone until BBWP resets to the blue zone before attempting a directional move within the triangle. $560 seems like a good entry for short-term trades with targets near $580–$600 lower-timeframe resistances.
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