If $ZEC can hold this retest of the $540 breakout pivot as HTF support, we should see a push towards the $620 resistance.

That level is the right shoulder of the head and shoulders top from May, and it's the last meaningful lower high left on the chart to take.

Break above $620, and the macro lower high pattern is invalidated, which is where I would become much more excited.

I personally think we're heading back above $700 if that happens.

The bearish counter, on the other hand, is simple.

If we fail to reach or break the $620 shoulder, we're still following the macro lower high pattern, and the chart doesn't have the liquidity or momentum to get through such a well established area of resistance.

Either way, $540 decides which of those two we get. As long as it holds, the test of macro expansion is coming.