Zencash Analysis – Legitimate buy signal

Now, time for Zencash, which today is going lower but yesterday, had a great bullish session, which gave us a major buy signal. This is the first time that we will be analysing this crypto so remember this analysis for a further reference.

Bullish situation here is based on the fact that the price bounced from the lower line of the triangle. It was not an ordinary bounce as it started with an inverse head and shoulders formation (orange lines). Few days ago, the price broke the neckline (red) and then, used that as a support. Interestingly, bounce from this line was a direct reason why the price surged.

The current aim is the yellow resistance on the 43 USD and chances that we will get there are pretty high. Bullish scenario will be cancelled, when the ZEN will come back below the red line, which form now is less likely to happen.