ZECUSD Medium-term Trend: Bearish
Supply zones: $250.00, $260.00, $270.00
Demand zones: $220.00, $210.00, $200.00
The pair is in a downtrend in the medium-term as the new month begins. Price is seen below the 50 and 10-Day EMAs which simply implies that the bears are exerting strong pressure on price for a further downward journey. Daily candle opens bearish at $243.54 on the 10-Day EMA and the subsequent candle was also bearish. You can see that price is forming lower highs and lower lows which are characteristics of a down trending market.
The Stochastic Oscillator is in the oversold around 20 percent with no sign of upward momentum. This implies that the bears' activities may further increase. The bears' target may likely be the demand area at $225.44 in the medium-term.
ZECUSD Short-term Trend: Ranging
The short-term outlook of the pair shows its consolidating. $247.27 is the upper supply area while $232.42 is the lower demand area within which the pair is trading. The bears and the bulls are fighting over dominance as you can see price movement up and down within the range. Price is below the 10-day EMA which an indication of the bears' pressure favouring the downside. The Stochastic Oscillator is in the overbought region and its signals point down.
This means downward momentum in price will occur as the bears increase their activities. The lower demand area of the range at $232.40 may be the bears target in the short-term before a likelihood of the bulls coming back. Adopting a good scalping strategy would be a good one while taking profit as the pair ranges.
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