Zcash has realized a bullish reversal this week as the markets absorbed inflation reporting, the EU parliament excluded language restricting Proof-of-Work from MiCA, and the Federal Reserve clearly conveyed no substantive change to monetary policy in the immediate future.

Bullish price action likely to continue if ZEC confirms a breakout from the descending triangle with a daily close above the trendline, idealing realizing $170 support with a clean bounce.

Broader markets appear poised to enjoy bullish sentiment for next few months given midterm elections this fall.

Significant risk of further inflationary pressure resulting in a monetary policy reversal cannot be ignored.

Closely watch CPI & PPI in the coming months as these likely will see further sharp increases that will ultimately result in Central Banks reversing course.