#ZEC/USDT – Potential Long Setup at Key Fibonacci Level

#ZEC

The price is moving in a descending channel on the 1-hour timeframe. It has reached the lower boundary and is heading towards breaking above it, with a retest of the upper boundary expected.

We have a downtrend on the RSI indicator, which has reached near the lower boundary, and an upward rebound is expected.

There is a key support zone in green at 296. The price has bounced from this zone multiple times and is expected to bounce again.

We have a trend towards stability above the 100-period moving average, as we are moving close to it, which supports the upward move.

Entry price: 334
First target: 352
Second target: 386
Third target: 430

Don't forget a simple principle: money management.

Place your stop-loss below the support zone in green.

For any questions, please leave a comment.

Thank you.