ZECUSD Long-term Trend – Bearish
Distribution territories: $430.00, $460.00, $490.00.
Accumulation territories: $160.00, $130.00, $100.00.
Some weeks ago, it was noted that the ZECUSD was moving in range-movements. On May 12, last month, the asset experienced a sudden spike in the market price value. The pair rose to breach past and above the distribution territory of $300.00 closely to the point of touching the distribution territory of $400.00. On May 17, the pair started experiencing a series of bearish Japanese candlesticks which eventually allowed the bears to push the market trend southwards.
Both the trends of 14-day SMA and 50-day SMA are been breached. Currently, the price action is hovering below the two Simple Moving Averages. Whilst,14-day SMA has slightly crossed the 50-day SMA from the top. The Stochastic Oscillators have crossed and now point northward in the oversold zone. This suggests that the bulls may soon have a stronger push against the bears.
It is believed that this market may still witness more downward movement in the market value but may not last for days or weeks. The bulls are now seemingly gathering the catalyst to push the asset’s worth northward. The assertion for entering this market is that both the investor and trader can probably look out for a decent long entry.
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