• The long-term outlook is in a range-bound market.
• Patience should be exercised for a breakdown or a breakout.

ZEC/USD Long-term Trend: Ranging

Supply zone: $160.00, $180.00, $200.00
Demand zone: $50.00, $40.00, $30.00

ZECUSD is in a range-bound market in the long-term outlook. The market remained undefined in the past two weeks with wicks at the upper and lower part of the candle. The unclear market direction had the bears briefly in charge as the coin dropped to $90.00 on 2nd July before it lost momentum.

The 50-EMA was a key demand area for the bulls gradually returned on 3rd July with a bullish spinning top as price shot up to $113.20 which was the high of the week.

The new week began with price at $103.44 and the signal of the stochastic oscillator parral at 30% an indication of the ranging scenario.

$120.00 is the upper supply area of the range while $90.00 is the lower demand area of the range. Traders should be patient and wait for price breakout or breakdown with a retest before taking a position.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.