ZEC/USD Long-term Trend – Bearish

Distribution territories: $235, $265, $295.
Accumulation territories: $140,110, $80.

In the preceding week, ZEC/USD clearly went down in its market price worth. While on August 5 and 6 that marked the beginning of last week’s trading stands, the crypto was experiencing the feeble presence of bulls. On August 7, the cryptocurrency started sliding southwards towards the bottom of a bullish Japanese candlestick that occurred on July 13. Bears have been dominating the market trend of this crypto at the expense of bulls’ inability to push the pair northbound.

On August 9, this crypto managed to make a considerable up rise but on the following day, it was overwhelmed again by bears and the price point was a bit pushed further past below the last low obtained on August 8. The 14-day SMA has bent south to touch the 50-day SMA from the top. Price has been averaging towards the accumulation territory of $145 below the two SMAs. Stochastic Oscillators have penetrated into the overbought zone as they are now consolidating their stance within it currently. This denotes that trading activities of this cryptocurrency may be suspended for a while.

Taking a look at the market behavioral outlook towards the two SMAs, one would have observed that the trend-line of the 14-day will have to breach past the 50-day SMA, to later on, determine a decent direction. In that case, the market will still probably experience more decline in its price actions. Investors may stay a little to observe a clear buying price line.

 

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

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