Market outlook

Zcashers, what an incredible bull run ! WE DID IT.
We hit $100 this week and we literally did a 500% increase in 90 days with the ZEC/USD pair.

The ZEC/BTC pair is also incredibly good, so congratulations for such a success ! Electronic P2P Cash incarnated by Zcash is alive and kicking !

Make no mistake: a correction is about to happen in my opinion. Daily technical indicators are red hot, which usually is a sign that the upside movement is going to run out of steam. So don't be disappointed if your coins drop in value! This is perfectly normal and will be, quite frankly, very healthy for the long run.

Keep in mind the Governments are injecting fresh money in the economy, so it means this money really has to go somewhere and the market can stay like that for many more days. Who knows?

One scenario I'm looking at is for ZEC/USD to try to take out $120 per coin. Possible ? Absolutely. Probable ? Maybe.
Another more realitisc scenario is for ZEC/USD to consolidate here to form a new support zone between $83 and $100, before marching higher !

The takeaway

All moving averages are heading North : the 10day SMA is very extended in comparison to the 50day SMA which is why I think the markets are more likely to consolidate here.

I would definitely buy a wick down to $74 if the opportunity happens !

Good luck everyone!
Help me grow this community : please comment and share your opinion or success in the Zcash market.