The 1 hour timeframe is presented in today’s Zcash analysis. The bullish price swing from ~ $49.04 on December 15, 2018 to 73.19 December 24, 2018 was immediately followed by a retracement, and lastly by sideways market action (i.e. sidetrend).
Chart pattern is a favorite and part of the key strategies used for our market analysis, and in the case of Zcash, the pattern used to describe the sidetrend beginning on December 27, 2018 is an ascending triangle, which traditionally has a bullish implication.
The vertical blue arrow indicates the width of the ascending triangle i.e. $64.70 – $58.66 = $6.16. $64.70 and $58.66 mark the breakout point to the upside and downside respectively.
The width of the triangle can be projected on to the breakout point to determine the minimum estimate for the ensuing move.
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