ZEC/USD Long-term Trend – Bullish
Distribution territories: $270.00, $300.00, $330.00.
Accumulation territories: $140.00, $110.00, $80.00.
As many digital currencies witnessed a great voluminous increase in their market capitalization last week, so also ZCash did. The bullish engulfing Japanese that emerged on July 13 has been the turning point of the current bullish trend in this cryptocurrency market. Since then, the bulls have continued to drive the market price line northbound all along till July 18. Noticeably, the price line retraced downward to close at the lower bottom of the Japanese candlestick formed on July 18 but above the 50-day SMA trend-line.
The downward retracement still moved on averagely till July 20 and 21 to the extent of taking the price line a bit past the 14-day SMA trend-line. The 14-day SMA is a bit bent northwards below the 50-day SMA with a short gap between them. The Stochastic Oscillators have moved northwards but they are now crossed below range 80 to point south. This suggests that taking further trading actions should be put to rest for a while.
The accumulation territory of $150.00 seems to stand as the first major price line that the bears are not expected to drive the market value past easily now. In other words, the bulls will have to make use of these current shorting positions to muster up the much-needed strength to make a quick comeback into the market. Traders can probably wait for a strong reversal of the current shorting positions to initiate a long entry with financial management guiding rules.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.