ZEC will need to close daily above descending trendline and see more bullish support or risk retracing into the right shoulder of a very clean head & shoulders pattern on daily charts.
ZEC is volatile and sideways chop at current price is unlikely to continue... in the coming day or 2, it will either break up and reverse the long-term bearish trend, or fall back into the descending triangle.
Overall, Crypto faired very well so far this week, appearing to shrug of major headwinds:
1. EU MiCA did not adopt language against Proof-of-Work
2. Inflation measure Feb results by BLS show PPI up 20% year over year, zooming past Jan inflation #
3. Federal Reserve FOMC towed the line with 25 bps and a cautious Chairman continuing measured and dovish leaning communication while acknowledging inflation... pointing to healthy near full employment without diving into the real and severe labor shortage the US faces.
Markets responded to the sheepish FOMC action rallying up and apparently exuberant the Fed kicked the can down the road again.
Fundamentals of the economy remain unhealthy, equities and assets are sky high, inflation is roaring, the regulators are not looking to control anything until after the mid-term elections.
This complacency is likely to result in a harsher correction the longer the facade continues.
ZEC is volatile and sideways chop at current price is unlikely to continue... in the coming day or 2, it will either break up and reverse the long-term bearish trend, or fall back into the descending triangle.
Overall, Crypto faired very well so far this week, appearing to shrug of major headwinds:
1. EU MiCA did not adopt language against Proof-of-Work
2. Inflation measure Feb results by BLS show PPI up 20% year over year, zooming past Jan inflation #
3. Federal Reserve FOMC towed the line with 25 bps and a cautious Chairman continuing measured and dovish leaning communication while acknowledging inflation... pointing to healthy near full employment without diving into the real and severe labor shortage the US faces.
Markets responded to the sheepish FOMC action rallying up and apparently exuberant the Fed kicked the can down the road again.
Fundamentals of the economy remain unhealthy, equities and assets are sky high, inflation is roaring, the regulators are not looking to control anything until after the mid-term elections.
This complacency is likely to result in a harsher correction the longer the facade continues.
