How to Buy Zcash (ZEC)? – Double Pitchfork Strategy
Zcash (ZEC), is a digital currency just like Bitcoin. Today we’re going to walk you through How to buy Zcash, and How to trade Zcash.
If you’re new to cryptocurrency trading, check out our cryptocurrency beginner’s guide
The double Pitchfork strategy that we’re teaching you will help you buy ZEC with a very easy trading trick that only the professional traders know about. The double Pitchfork trading system in an old forgotten trading technique that projects potential support and resistance lines.
Our team at Trading Strategy Guides is working hard to put together the most comprehensive guides to trading different cryptocurrency strategies. Previously, we covered the Stellar coin the Future of banking which lets you send fiat money instantly across the globe.
Edward Snowden, the NSA whistle-blower, thinks that Zcash cryptocurrency is “the most interesting Bitcoin alternative.”
“Zcash is the only altcoin (that I know of) designed and built by professional and academic cryptographers. Hard to ignore…Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe.” – citing an Edward Snowden tweet.
Basically, the double Pitchfork trading system combines three of the most influential trading strategies into one simple method as follows:
- Support and Resistance system
- Trend Following system (Check out our popular trend-following strategy How to Profit from Trading Pullbacks)
- Reversion to the mean system
Now…
Moving forward, we’re going to discuss what is Zcash and how to buy Zcash ZEC with our double pitchfork trading strategy. We’ll also show you where you can buy it in the next section.
See also: What is Cryptocurrency Trading
Table of Contents
Introduction: How to Buy ZCash Coin (ZEC)… AND Trade it
Zcash is a decentralized and open-source cryptocurrency with strong privacy protections. Put it simply, Zcash (ZEC) is another privacy coin that seeks to offer anonymous transactions. Through the Zcash network the sender, the receiver, and the amount sent are all shielded.
Zcash is strongly competing against cryptocurrency Monero to become the world’s biggest privacy coin.
Zcash is currently the 26th most valuable cryptocurrency with more than half a billion in market capital. ZEC coin is sitting at a $177 per coin value. Transactions only take under 6 milliseconds to verify which is much more competitive than Bitcoin.
Before investing in Zcash coin or any other coin for that matter, you need to have a systematic way to read Zcash charts if you want to make profits on a consistent basis.
How to buy ZCash: Best Places to Buy and Sell ZCash Cryptocurrency
Binance
Binance is the most established and trusted place to buy cryptocurrency. This includes ZCash. Binance is known for its expert team, proven products, fast technology, and industry resources. They have a great relationship with industry leaders and are capable of 1,400,000 orders per second which by far makes them the fastest exchange in the market. Sign up with Binance in less than 5 minutes here.
NOTE: If you’re a US customer, you’re likely restricted from using Binance so checkout Coinbase below.
Coinbase
Get $10 Free with Coinbase: Sign up for a Coinbase account using the link below, and they will give you $10
Coinbase is by far the most popular exchange out there. Both Coinbase and Binance are great if you are looking to get into buying and selling cryptocurrencies.
How to buy Zcash: Zcash Trading Strategy Using Double Pitchfork
To maximize your trading potential, checkout cryptocurrency trading strategy
The common idea behind the double Pitchfork trading system is that the market tends to gravitate towards the median line.
The consensus is that if we get through the median line about 80% of the time it should retest the top of the Andrews Pitchfork channel. Conversely, if we break below the median line, we should retest the bottom of the Andrews Pitchfork channel.
The Pitchfork trading indicator requires being attached to three pivots or significant swing high/low points.
You need to identify three consecutive pivots to draw the Pitchfork indicator. However, the Zcash ZEC trading strategy requires three additional pivots to construct the double Pitchfork channel.
Moving forward, we’re going to give you a step-by-step guide on how to draw the Pitchfork channel. You’ll need to create two channels to trade Zcash, so this requires additional steps.
How to Draw the Pitchfork Channel
This is how you draw the double pitchfork channel:
- Identify the last four swing highs and swing lows. In a bullish trend, you need 2 consecutive higher highs followed by two consecutive higher lows. Inversely, in a bearish trend, you need two consecutive lower lows followed by two consecutive lower highs.
- Use the first three swing points to draw the first Pitchfork channel.
- Use the last three swing points to draw the second Pitchfork channel.
In the above figure, we have highlighted the two Pitchfork channels that will help us trade the Zcash ZEC trading strategy.
The double pitchfork strategy will help you buy the second most valuable privacy coin.
Now, before we go any further, we always recommend taking a piece of paper and a pen and note down the rules of the Zcash cryptocurrency strategy. For this demonstration, we’re going to look at the buy-side.
The first step has already been covered and consists of identifying the last four major swing points on the Zcash chart. After we’ve determined the four swing points, we draw the double Pitchfork channel using the exact same rules as outlined in the above step-by-step guide.
Step #1: Draw the double Pitchfork channel
The first thing that we need to pay close attention is how we select our swing points. We only want to choose significant swings on the Zcash chart.
Once you locate the four swings, merely use the Pitchfork indicator to draw the double Pitchfork channel.
There is a simple reason why we use two Pitchfork channels.
Our team at TSG has discovered that the Pitchfork indicator has limited power in forecasting future price movements. However, by using this simple trading trick to combine two Pitchfork indicators together, we eliminate a lot of the drawbacks that come with this unique technical indicator.
Now, let’s see how to buy Zcash:
Our market entry strategy for cryptocurrency only needs to satisfy two essential rules:
Step #2: Wait for Zcash price break below the 1st Pitchfork channel
At this stage, the two pitchfork channels will overlap so don’t get confused about it. In the figure below the second Pitchfork channel is dark-colored.
Wait for the Zcash price to break below the 1st pitchfork channel. We want to see a big bold breakout candle that closes below the 1st Pitchfork channel.
Now, before we buy Zcash there is one more condition that needs to be satisfied.
See below:
Step #3: The Zcash price needs to trade above the median line (2nd pitchfork channel) on a closing basis.
The median line of the second pitchfork channel needs to hold the downside and provide us with strong support.
As a general rule, as long as we trade NEAR the median line, we’re good to go even if for a brief period of time we still break below the support line. Most of the time, the Zcash price will gravitate towards the median line back and forth. We need to take that into consideration if we want to trade cryptocurrency strategies successfully.
Now, we’re all set to move forward and give you the buy trigger for cryptocurrency Zcash.
See below:
Step #4: Buy at the market as soon as we break above the 2nd Pitchfork Channel top resistance line.
How to buy Zcash is simple.
With our entry technique, we buy at the market when we break above the 2nd Pitchfork Channel top resistance line.
The advantage of this cryptocurrency entry strategy is that we buy when the momentum is in our favor.
The next important thing we need to establish for our Zcash cryptocurrency strategy is where to place our protective stop loss.
See below …
Step #5: Place protective Stop Loss below the 2nd Pitchfork Channel median line
One of the most important things in trading is risk management.
So, don’t forget to place your protective stop loss in order to minimize the potential losses.
After you bought Zcash ZEC, make sure you add your stop-loss order below the 2nd Pitchfork channel median line.
Last but not least, we also need to define a take profit cryptocurrency strategy.
See below …
Step #6: Take Profit when we touch the median line of the 1st Pitchfork Channel
Our take profit strategy for successful cryptocurrency trading is easy to implement.
We don’t want to take premature profits, but we also don’t want to give back our hard-earned profits either. In this regard, we take profits when Zcash price reaches again the median line of the 1st Pitchfork channel.
Note** the above was an example of a long (BUY) trade using the Zcash cryptocurrency trading strategy. Use the same rules for a SELL trade – but in reverse. In the figure below, you can see an actual SELL trade example.
Note* When the first Pitchfork channel is stepper we take profits when we reach the top of the channel.
Conclusion: Zcash ZEC Trading Strategy
The anonymous nature of cryptocurrency transactions has been restored by Zcash ZEC. Whether privacy is important to you or not, in cryptocurrency, the consumer needs to have an alternative and cryptocurrency Zcash can be the coin of choice for many investors.
The Double Pitchfork strategy will help you to successfully navigate through the Zcash chart and take trades with surgical precision. The Zcash strategy is a momentum strategy that seeks to take advantage of fast-moving markets. Don’t forget to read our best cryptocurrency to invest in article.
Thank you for reading How To Buy Zcash!
How To Buy Zcash: ZEC current price Chart
Checkout Zcash Current Price with Tradingview
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