ZEC/USD Long-term Trend – Bearish
Distribution territories: $300.00, $330.00, $360.00.
Accumulation territories: $160.00, $130.00, $100.00.
ZEC/USD like other crypto assets also suffered a major decline in value last week. The asset was formerly experiencing a ranging move, but on June 10, a bearish Japanese candlestick suddenly occurred. The pair has been strongly controlled by the bearish trend force as the bulls have failed to have gathered stronger momentum to support their upward stride.
Price has tested the low price territory of $170 or thereabouts as earlier experienced on April 7. The 50-day SMA is at the top of the 14-day SMA. The Stochastic Oscillators have dipped into the oversold zone. This implies the possibility of the bears gradually relaxing their pushing force.
There are still every indication that the ZCash markets value may still be slightly pushed southwards against the accumulation territory of $170.00. Price elasticity can take place in a favor of the bulls while the market is pushed into the accumulation territories of between $160.00 and $130.00. Traders are expected to wait for a strong Japanese bullish candle to emerge so as to be able to take long entries. Investors can look out for an upward breakout to detect well-formed entries to make moves into the market.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.