I just do not have a scenario in which I am willing to risk money in crypto right now, let alone some of the less common ones like ZCash.

ZCash has initially fallen during the trading session on Thursday but turned around just below the $100 level to show signs of life. That being said, a lot of this was probably a “knock-on effect” from Bitcoin and perhaps, more importantly, the US dollar. The US dollar had a rough session to say the least, as a bit of profit-taking seems to be in order. With this being the case, a lot of risk assets gained, and as Bitcoin and Ethereum took off, ZCash and others got a bit of a boost.

Keep in mind that ZCash is pretty far out there on the risk spectrum, so you need to keep an eye on how everything else is performing. While other coins such as Bitcoin and Ethereum do have a major influence on this market, the US dollar also has a major influence on it as well, as we have seen multiple times. It is also worth noting that the entire crypto market is essentially a basket case right now, and you would need to see the “big boys” recover quite a bit in order to take any rally at this point seriously. If we do get a significant move, then it is possible that ZCash could go as high as $120, but you would need to see Bitcoin rally or the US dollar falter. Even then, I would be a bit suspicious of any rallies as crypto has proven itself to be wanting yet again, and it is very possible we may be heading into the so-called “crypto winter.”

Crypto has a major fraud problem and a huge lack of utility problem. In a situation where some of the more traditional markets are getting hammered due to the economy, it is difficult to imagine how nothing like ZCash is suddenly going to be desired. I prefer to take on levered shorts on rallies that show signs of exhaustion. Quite frankly, that is going to be the case with almost anything that is not called Bitcoin or Ethereum. If we break down below the $85 level, we will certainly test the lows, and breaking down below there opens up a move down to the $50 level. I just do not have a scenario in which I am willing to risk money in crypto right now, let alone some of the less common ones like ZCash.

There is no way to consider this a bullish market, and most of the money will be made by shorting not only ZCash, but most other smaller markets.

ZCash went back and forth on Tuesday as we continue to see crypto markets look very soft. That being said, we are hanging about the crucial $85 level, and it looks as if we are trying to find enough support to hang on. The $85 level has been important multiple times, so it does make a certain amount of sense that we would have a reaction here. The question now is whether or not the crypto markets will try to recover. After all, ZCash is pretty far down the line when it comes to risk appetite, so it needs help from the outside.

Bitcoin has stabilized just above the $30,000 level, which ties in quite nicely with the $85 level offering support. That being said, the market is likely to continue looking at this area as important, but if Bitcoin breaks through the $30,000 level, that will certainly send the rest of the crypto markets much lower, ZCash included. At that point, it is very likely that ZCash will go looking to the $75 level initially, perhaps down to the $50 level given enough time. This is the most likely scenario, but it does not necessarily have to happen right away.

Rallies at this point will face quite a bit of resistance near the $120 level, not only due to the fact that it is an area that has a certain amount of psychological importance to it, but also an area where we have seen a lot of selling. Because of this, the market is likely to continue seeing quite a bit of trouble there. Rallies at this point will then have to face the 50-day EMA above, which is dipping below the 200-day EMA, suggesting that we are getting the “death cross.” Either way, ZCash does not look very strong, so I think it is probably more likely than not going to find plenty of sellers every time it rallies. I have no interest in buying, at least not anytime soon. Longer term, we may get a reversal in Bitcoin, and then you can start to look towards these smaller markets. Until that happens, there is no way to consider this a bullish market, and most of the money will be made by shorting not only ZCash, but most other smaller markets.

I do not have any interest in trying to get too cute with this market though, so I am more than willing to wait for the bigger markets to push things higher.

ZCash had a very quiet session on Tuesday, but that might be exactly what was needed as we had formed a hammer on Monday, and now it looks like we are hanging about the $122 level. This is obviously a market that will continue to be very noisy, right along with the rest of the crypto world. The markets have been beaten up rather hard, and ZCash would not be any different.

Keep in mind that risk appetite is a major driver of where crypto goes, and right now there is a severe lack of risk appetite. I believe at this point we will more likely than not continue to see risk appetite assets such as crypto suffering, and even if we do get a rally, it will probably be short-lived at best. The 200-day EMA above $144 will more than likely be a massive ceiling in this market. In other words, that is probably about as high as I think the market will go in the short term.

On the other hand, if we were to break down below the bottom of the candlestick, then we could see ZCash drop down to the $100 level, maybe even down to the $85 level after that. The $85 level has been a huge support level multiple times, and we had even formed a bit of a double bottom at that area previously that ended up sending this market much higher. If we were to break down below the $85 level, it would almost certainly send this market much lower.

As far as buying for a longer-term move is concerned, I would need to see larger coins such as Bitcoin and Ethereum take off to the upside first, and then follow with some of the smaller markets. Because of this, you are probably more or less in a bit of a “wait-and-see” type of situation, but if you are a short-term trader, you may be able to play a potential pop higher. I do not have any interest in trying to get too cute with this market though, so I am more than willing to wait for the bigger markets to push things higher. If we do somehow manage to break above the $160 level, then we will challenge the $180 level. After that, the $200 level then gets targeted.

You need to pay close attention to the US Dollar Index, because it could give you a bit of a “heads up” as to where not only ZCash goes, but the rest of crypto for that matter.

ZCash plummeted during the trading session on Friday as we continue to see crypto underperform. ZCash has broken below the 200-day EMA, and perhaps more importantly, the hammer from two weeks ago. The market is now just below the $130 level, and it looks as if it is ready to go much lower, testing the $120 level next.

Furthermore, the market is closing at the very bottom of the candlestick, which typically means there is a bit of follow-through, and at this point, I think it is probably only a matter of time before we see the market break down below the $120 level. At this junction, if we see the market rally, I think the 200-day EMA would be a potential barrier, near the $145 level.

The size of the candlestick for the session on Friday does suggest that there is a lot of momentum jumping into the downside, and it is likely that we will continue to see ZCash fall right along with the rest of the crypto market. Keep in mind that Bitcoin has struggled during the day, so the losses are typically magnified in the smaller coins such as ZCash. The 50-day EMA is currently at the $151 level, and it looks as if it is going to break below the 200-day EMA, forming the so-called “death cross.”

On the downside, I think it is likely we are going to find plenty of support near the $85 level, which could be a potential floor in the market. Looking at this chart, I do think we have further to go, but if we were to turn around and take out the two moving averages, it would be a major coup for this market. We need to see Bitcoin and Ethereum turn around and rally significantly to make this market go higher. Until then, it is very likely that ZCash will continue to be very soft. Furthermore, this is measured against the US dollar which has been like a wrecking ball for almost all assets, so keep that in mind as well. You need to pay close attention to the US Dollar Index, because it could give you a bit of a “heads up” as to where not only ZCash goes, but the rest of crypto for that matter.

We have a huge fight on our hands in the short term, and I think that is going to be true with most cryptocurrencies.

ZCash initially tried to rally on Wednesday as we rallied ever so slightly but then turned around to show signs of hesitation. We are sitting on the 200-day EMA, suggesting that the market is still going to continue to hear a bit of noise in this area. You can also see that the $145 level has offered support, so I think all of this combines to give ZCash the possibility of rallying. That being said, you can also see that there has been a lot of noise just above, so I think ZCash will be very tight, to say the least.

If we were to break down below the $145 level, then it is likely that the market could go to the $120 level. This is a market that will continue to see a lot of volatility, right along with the rest of the crypto markets. After all, the crypto markets tend to move in tandem, and ZCash is a smaller market. In other words, you need to see Bitcoin and Ethereum take off to the upside for ZCash to have a real shot at going higher.

At this point, it looks as if we are going to go back and forth in this general vicinity but if we can take out the $170 level to the upside, then it would be a very bullish sign. At that juncture, I would anticipate that ZCash could go to the $200 level, where we pulled back from previously. We have a huge fight on our hands in the short term, and I think that is going to be true with most cryptocurrencies. ZCash obviously will attract a lot less attention than Bitcoin or Ethereum, but if they start to rally, then people will start to reach out to further instances of risk appetite, and in places like this. However, if we see Ethereum and Bitcoin start to meltdown, ZCash will be all but dead at that point. The $125 level being broken to the downside opens up a move all the way back down to the $85 level. That obviously would be extraordinarily negative, and I do think that we would see a vicious move at that point, one that would happen very quickly as we would enter “crypto winter.”

I do prefer the upside, but also recognize that a clean break higher is probably difficult.

The ZCash market rallied again during the trading session on Thursday to break above the $163.50 level. At this point, the market looks as if it is struggling a little bit to the upside, but the massive resistance barrier is going to be a little closer to the $176 level, where we had sold off quite drastically. That being said, there is no reason to think we cannot get through there, but it should also be noted that there is a big barrier to the $180 level.

The 50 Day EMA underneath at the $153 level is offering a certain amount of support. Looking at the chart, the area between the 50 Day EMA and the 200 Day EMA offers a significant support area from what I can see, and I would anticipate that there should be a lot of buying pressure in that general vicinity. That being said, ZCash suffers from the same thing that a lot of smaller coins in the crypto markets do, it is a reliance on Bitcoin or Ethereum to get things moving under most circumstances.

If we were to turn around and break down below the hammer from the Monday session, that would be a very negative turn of events and could open up ZCash to dropping down to the $120 level, perhaps even down to the $115 level. In that area, I would anticipate a little bit of support as well, but the real support is probably closer to the $85 handle.

Rallying at this point could open up the possibility of a move to the $200 level, but it is something that would need to see other major markets moving right along with it. The market is also going to see a lot of volatility, so I think a short-term “buy on the dips” type of market could very well be the way going forward. I do think that it is going to be very choppy, but that is probably a good way to describe most markets, as we simply do not have a lot of momentum one way or the other. Crypto will not be any different, so there is no reason to think that ZCash is going to be any different than most other markets at this point. I do prefer the upside, but also recognize that a clean break higher is probably difficult.

ZCash is pretty far out on the risk spectrum, so make sure that Bitcoin and Ethereum are starting to recover before you put money into this market.

The ZCash market rallied during the trading session on Tuesday to clear the 50 Day EMA and show signs of bullish pressure. The $160 level is an area that will attract a certain amount of attention, but piercing it during the Tuesday session, it does suggest that we have further to go. If we can break above the top of the candlestick for the trading session on Tuesday, then it is possible that ZCash goes to reach the $172 level, which is where we had sold off quite drastically previously.

ZCash will need the rest of the crypto markets to rally in order to continue going higher, and that is exactly what we have had happened during the day. The 50 Day EMA is potentially a support level, followed by the 200 Day EMA which is just underneath the $145 level. That zone between the two EMA indicators will continue to offer a little bit of support as that is typically an area where we see volatility and a squeeze higher or lower.

On the upside, the market could go looking to the $210 level, where we had sent the market to reach during the last major run higher. If we can break above there, the market will more likely than not go much higher, perhaps reaching as high as $300 over the long term. On the downside, if we were to turn around a breakdown below the hammer from the Monday session, that would obviously be a very negative turn of events and could open up a move down to the $120 level. Anything below there opens up the possibility of dropping all the way down to the $85 level, where we had formed a major “double bottom” previously to turn things back around.

ZCash of course is pretty far out on the risk spectrum, so make sure that Bitcoin and Ethereum are starting to recover before you put money into this market. Furthermore, if you start to see Bitcoin or Ethereum break down significantly, it is very likely that the ZCash market will do the same thing, perhaps even quicker than those two. It is worth noting that the 200 Day EMA has offered support, and therefore it is likely that we would see buyers coming into that area, and it is a good sign from the longer-term perspective.

This is a market that is sitting in an area that should launch the market in one direction or the other.

ZCash bounced ever so slightly on Friday as we are hanging around the 200-day EMA. At this point, the market looks as if it is attracting a lot of attention, and the 200-day EMA is quite often used as a trend indicator.

ZCash will follow the rest of the crypto markets, but right now it seems as if we are trying to figure out where to go for a bigger move. ZCash is most certainly out there on the risk spectrum, so you need to keep an eye on where risk appetite is in general. The more likely people are to take a risk, the more likely they are to put money into ZCash. The market is not only sitting above the 200-day EMA, but it is also sitting just below the 50-day EMA. That is an area that typically causes a bit of a squeeze, so I do anticipate that it is only a matter of time before we see inertia pick back up.

Looking at this chart, if we were to break down below the $145 level, we may have a little bit of acceleration to the downside afterward. At this point, the market would possibly even go looking to the $120 level, possibly even the $100 level. Keep in mind that ZCash needs a little bit of help from the rest of the crypto markets in order to rally, specifically the bigger coins such as Ethereum and Bitcoin. If they start to rise, then you have the ability for ZCash and other smaller markets like it to show signs of life. Right now, we do not necessarily have that external pressure.

When you look at the trading over the last couple of sessions, the most important candlestick would be the massive selloff that got the market down to the 200-day EMA. If we were to turn around and take that out to the upside, it is likely that the market would go looking toward the $200 level, perhaps even the $220 level. Breaking above that level would then open up the possibility of a move to the $300 level longer-term. That would be in a situation where crypto continues to take off in general. Ultimately, this is a market that is sitting in an area that should launch the market in one direction or the other.

I think the only thing you can count on in ZCash is going to be the volatility that we are going to be looking at, and I think you need to be cautious about your position size.

ZCash rallied Wednesday, bouncing from the 200-day EMA. By doing so, it has saved itself in the sense that technically we are still in an uptrend. That being said, we have recently seen this market sell-off quite drastically, and we have seen a lot of negativity when it comes to the crypto world. If that keeps up, ZCash and other smaller coins like it will fall.

Because of this, you need to keep an eye on Bitcoin, because it will lead the way when it comes to other coins. We need to see Bitcoin do well, and ZCash will follow right along. If we do rally, we need to break above the 50-day EMA to really get momentum going, perhaps allowing the market to take out the massive red candlestick from the Monday session. That means that ZCash could go looking to reach the $175 level, and breaking above there would be a bullish sign, perhaps allowing the market to take out the shooting star from the previous session.

Looking at this market, it is easy to see that we have been very noisy, but at this point, we are at roughly a 50% Fibonacci retracement. This is a market that will continue to go higher given enough time, but the alternate scenario is that we break below the 200-day EMA and maybe even the $140 level, sending this market much lower. In that scenario, the market would almost certainly go looking to reach the $120 level, and in a very negative turn of events could reach as low as $100.

At this point, I think we are at a major inflection point, perhaps deciding where we will go for the next several weeks. I think the only thing you can count on in ZCash is going to be the volatility that we are going to be looking at, and I think you need to be cautious about your position size, only adding as it works out in your favor. Ultimately, I think the market will continue to be very susceptible to external pressures, most likely to follow how the world feels about risk appetite, as ZCash is pretty far out on the spectrum when it comes to what people are willing to risk.

On the upside, the target at this point would be to revisit the $200 level.

ZCash has fallen initially during the trading session on Thursday to reach the $159.50 level before turning around and forming a bit of a hammer. The hammer is preceded by a neutral candlestick, which was preceded by a pullback. At this point, the market looks as if it is trying to recover after a short-term pullback, which is especially interesting as we had broken higher for a couple of months. This pullback has been healthy, and it looks as if ZCash is ready to turn things around.

The 50 Day EMA and the 200 Day EMA both sit below and offer a certain amount of support. We had recently formed the so-called “golden cross”, which of course is something that longer-term traders will pay attention to for bullish pressure. This market looks as if it is trying to recover right along with the rest of crypto, as it has followed Bitcoin. Bitcoin leads the rest of them, and as Bitcoin is recovering, we have seen several altcoins follow right along, including this one.

If the risk appetite in markets continues to increase, it can help the idea of these smaller crypto markets rally. That being said, if we do get some type of major “risk-off” type of situation, then it is possible that the ZCash market will fall right along with the rest of them. If we break down below the moving averages below, then it would be a very negative turn of events and could open up the possibility of ZCash dropping to the $120 level.

On the upside, the target at this point would be to revisit the $200 level, an area that has a lot of psychological importance, and an area that has pushed ZCash back down from there, suggesting that perhaps the market will try to break through that resistance barrier. There is a shooting star that formed right at that level about two weeks ago, and if we can break above the top of that level, it is likely that the ZCash market will go looking to reach the $250 level. All things being equal, the only thing that will matter is that there is a lot of volatility, so you need to be very cautious about your position size, and then you need to pay attention to the overall attitude of crypto and the US dollar.