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The ZECBTC pair has been gradually trending lower over the past few sessions and could head further south if a key support zone is breached.
For the last two trading sessions ZECBTC has been stuck within a very narrow congestion range. Volatility has decreased to such an extent that prices are barely moving; that too on volumes that are a fraction of the daily average. Traders constantly search for the “Holy Grail” – the one system that could promise unfailing success.
No such thing exists in financial markets. Trading is a game of odds. A simple strategy that could tilt the odds in your favour is to identify periods of low volatility in an asset. Such periods of price inaction regularly precede big moves, providing participants with not just a healthy target but also a stop loss nearby.
A look at the price action on the 1-hour chart of ZECBTC reveals that 0.02000 represents the critical psychological level to watch. In the event prices break below that level, the pair could potentially head all the way to the lows of last week.
As such, traders might seek to execute short positions on an hourly close below 0.02000. To protect against the prospect of a surprise rebound, an initial stop loss can be placed around 0.02030.
ZECBTC Resistance: 0.02030/0.02150
ZECBTC Support: 0.01990/0.01880
Entry Point: 0.01970 BTC
First Target: 0.01880 BTC
Second Target: 0.01820 BTC
Stop Loss: 0.02030 BTC
Entry Point: 0.02030 BTC
First Target: 0.02130 BTC
Second Target: 0.02180 BTC
Stop Loss: 0.01980 BTC
- Absence of significant volumes in the event of a break lower could be a red flag