ZEC/USD Long-term Trend – Bearish
Distribution territories: $105, $125, $145
Accumulation territories: $30, $20, $10
Despite what tends to be a recovering move by ZCash against the US dollar market valuation over a couple of days, its trend-outlook still look bearish until now. On December 9, the crypto briefly surged upwards to test around $64 market line underneath the 14-day SMA’s trend-line.
Ever since then, the market has been successively falling from the said mark to achieve a low of around $48 market point while double bottoms of Japanese candlesticks were also observed at the same market line. The 14-day SMA is situated below the 50-day SMA. The Stochastic Oscillators have penetrated into the oversold zone to consolidate within it.
As at now, the crypto has been making a weak effort at recovering from the selling pressure exerted on it by the US dollar. And, as such that recovering mode lacks a strong breaking-out strength may lead to setting a trap for the bulls.
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