Discord: Czcash-Prost: Zcash price chart analysis, February 2023
Zcash-Bitcoin chart continues to affirm its bearish trend (flag breakdown from the long consolidation range).
Price demonstrated a "dead cat" bounce recently (Dead Cat bounce reversal candles are noted in the chart, MACD bullish turnover points are shown in vertical white lines), where a quick rally to 002200 was heavily sold into, resulting in today's price < 00200. Volume remains mildly elevated, signaling that sellers are energetic to trade their ZEC for BTC. Continuation sideways and lower is expected for the next few months or even an entire year remains as the primary thesis. Multiple negative fundamental events continue to aggrivate the Zcash ecosystem (blockchain spam, wallet sync issues, high relative inflation, low social sentiment, new: regulatory attacks).
The near-term low odds mean reversion or fake out rally back into the end of the flag (this would be around 002600), is further distanced from happening given the severe selling in the Dead Cat bounce. The long-odds bullish case, remains as-is regarding this range as a deviation move. The optimistic case for bulls would be confirmed if the ZEC-BTC again moves rapidly back above 002100, for consolidation and then ultimately a breakout above 00235. Emphasis on the bull case, the odds are even lower now than they were in early February. The negative Zcash fundamentals do not favor that sort of reversal against Bitcoin.