ZCoin Is Solid Against Bitcoin

On August 18th ZCoin found the bottom near BTC 0.0016 after a strong corrective move from BTC 0.0075. Then after an extended, consolidation, the ZCoin has formed a strong support level at BTC 0.0016, which has been rejected multiple times. At the same time resistance has been formed near BTC 0.0034

XZC/BTC has broken above the descending channel, after which it went back to test BTC 0.0016 support. After rejecting this support once again it broke above the 127.2% Fibonacci trendline, where later it found the support. Zcoin also broke above the 200 Moving Average and today it broke above the 3/1 Gann Fan trendline.

These are multiple indications on a potential trend reversal that could push price further up. The very first resistance is BTC 0.0034 that already been rejected 2 times. Although if broken, much stronger resistance is found at 227.2% Fibonacci retracement level, which is based on BTC 0.0056.

Although ZCash does look like it might reverse to the upside, a daily close blow BTC 0.0016 would indicate on the Bitcoin domination and would invalidate this outlook.

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