Take that "top" phrasing with a grain of salt, as this should just be a local, temporary top. ZEC hit a high above $1,500 early Friday morning before pulling back under, into its prior day's resistance zone. It's consolidating for a pop higher, or near the recent high. The price is in exploration mode but seems close to out of gas for now without a further catalyst beyond the NU7 upgrade. Perhaps that can come in the form of announced accumulation by more corporate treasuries, or broader rallying from the likes of increased US Treasury support of longer term treasuries. But that's pure speculation.

A quick preface to this: it isn't advice, it's just analysis. It's risky to long crypto, and risky to go short a winning bag. I am not a Chartered Financial Analyst, but I do enjoy a good exit and re-entry. My analysis notes some potential upside toward the mid to high $1,600s, but technical indicators such as Elliott Wave possibly point to a near-term five-wave top on Zcash's most recent push higher.

I'm tempted to think we chop around these levels and get some chasers to buy on the pushes higher, before doing a similar pattern lower to shake them off at a loss. Of course, this is finance 101: emotionality.

The short term price targets have skewed a bit toward the downside looking more attractive. I chart the downside around old highs, and specifically I am eyeing the $700s. I just mentioned my upside target of $1,650 roughly.

Of course I could be wrong. The retail cat may be out of the bag, and if Zcash really goes viral we could see it test $2,000 in short order.