ZEC/USD Long-term Trend – Bearish
Distribution territories: $400.00, $430.00, $460.00.
Accumulation territories: $160.00, $130.00, $100.00.
ZCash has still had its major movements in bearish trend outlook as paired against the USD dollar. Bearish trend now tends to be losing the driving force of the market but the bulls have not been taking the advantage of this. A confluence of Japanese candlesticks was formed below the distribution territory of $400.00 between May 15 and 21. And, that eventually led to the decline in the value of the asset from below the distribution territory of $400.00 down towards the accumulation territory of $200.00.
It has now been observed that the pair started its current choppy movements on May 29, between the price value of $270.00 and $210.00 till present. The 50-day SMA is above the 14-day SMA. A series of both lower highs and lower lows are being formed closely to the trend-line of the 14-day SMA. The Stochastic Oscillators have dipped into the oversold zone. And, they are currently consolidating in the oversold zone.
Would there be any need for this pair to be pushed downward further, the bias remains that it will not be far below the accumulation territory of $200.00. Whilst the accumulation territories from $160.00 and below are foundational territories for probable emergence of the bulls’ coming back into the market. Traders are expected to patiently watch out for taking decent long trading positions.
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