$ZEC Things are getting interesting.

Once again, we’ve seen the $680 region cap yet another rally.

That’s twice in a week, and not dissimilar to what we saw in November, where $680-700 rejected multiple breakout attempts.

And it’s now setting up for what is probably the most important structural test of the uptrend so far.

Firstly, we’re testing the HTF trendline support, which has been holding this move since $300.

On top of that, we’re retesting the prior local high at $600 in the exact same spot as the trendline, giving us a compound support setup.

If that compound support is lost, the uptrend is going to be seriously tested.

Given we now have two $680 rejection candles forming a potential double top, a loss of the trendline likely means testing the pattern neckline at $575, which would ultimately be the last line of defence.

A loss of that would see macro support at $540 tested once again.

That’s almost a potential -10% swing based on a few important structural variables.

On the other hand, if ZEC can hold here and form its higher low pivot, we could potentially see an ascending triangle type formation develop, which would give us the continuation move above $680.