Images show that the ZEC currency has seen a strong rise recently, and it is now trading near an important resistance area.
1. The larger time frame (4 hours and 30 minutes)
General trend:
The currency is moving within a wide ascending channel (orange and red lines in the first image).
The price has broken out strongly from a previous accumulation area (first and third image).
Current Levels:
The current price is hovering around $626 - $637.
The main resistance area (marked in purple): is approximately between $680 and $720 (or $660-$700 depending on the frames). This is the area where the price is expected to face significant selling pressure (referred to as 'resistance' in Arabic).
Expected Wave Analysis (ABC Waves):
The analysis suggests the possibility of a downward correction (wave A) after reaching or before resistance, then resuming upward (wave B then C).
Potential support levels in case of correction are around $550 and possibly $500, which were previous resistance levels that have been broken.
2. The smaller time frame (5 minutes)
Current Correction:
The second image shows a downward corrective movement after reaching a momentary resistance level (around $660).
Fibonacci Levels:
The current correction in the short time frame is testing Fibonacci correction levels.
Critical levels for immediate support are:
0.618 at around $619.346
0.705 at around $612.897
0.79 at around $606.596
Bouncing from these levels (especially 0.618 or 0.705) is considered a positive signal for the continuation of the upward trend in the short term.
💡 Summary and Brief
The overall trend is strongly upward.
The price is now facing strong resistance between $680 - $720.
Expecting a correction (wave A) before attempting to break the resistance and reach higher targets (wave B/C).
In the short term (5 minutes), the price is currently correcting towards Fibonacci levels (around $612 - $619), and a bounce from there will support the continuation of upward momentum.
Main Follow-up: Monitor price reaction at the resistance area ($680-$720) and at support/correction levels ($550 and $500).