ZCash sheds 20% in 3 days - Should swing traders still remain bullish?
Tech ZCash sheds 20% in 3 days – Should swing traders still remain bullish? Another day, another crypto market price drop, and another $900+ million in liquidations in the derivatives market. Unlike the previous weekends mass liquidations, ZCash [ZEC] bulls were unable to shrug this hit off. Since the 25th of May, the privacy altcoin has lost just over 20%. AMBCrypto had reported earlier this week that ZEC had accomplished a bullish breakout from a local range. Since then, the market-wide selling pressure has forced ZEC back into the range. Bitcoin [BTC] was also down nearly 5% since Monday, helping explain the ZEC pullback. Despite the pace of ZEC‘s losses, there’s reason to believe that the recent ZCash drop was just that—a pullback. The ZCash buying opportunity The recent AMBCrypto report had taken a bullish stance on the privacy token and noted that $486 was the invalidation level for this bias. This idea still held. The recent losses have pulled ZEC to a key Fibonacci retracement level at $530. Source: ZEC/USDT on TradingView The closer ZCash retreated to the $486 swing low, the more bulls were at risk from the bears. The A/D indicator signaled that sellers have been in control over the past week. Meanwhile, the MFI on this