- The long-term outlook is in a downtrend.
- $70.00 in the demand area is the bears’ first target in the long-term.
ZEC/USD Long-term Trend: Bearish
Supply zone: $120.00, $140.00, $160. 00
Demand zone: $50.00, $40.00, $30.00
The cryptocurrency is in a bearish trend in the long-term outlook. The bulls had a brief control of the market last week until 8th July when the daily candle closed as a bearish spinning top.
ZECUSD rose to $115.45 before the bears took control of the market and drop the coin to $88.34 breaking the lower demand area of the range on 10th July. Increased momentum led to a further drop in price to $83.73 before the retest and subsequent drop to the low of the week at $83.24 on 13th July.
The new week is starting on a bearish note at $89.72 and price already down to $80.63 below the two EMAs. It suggests a strong bears pressure on the cryptocurrency in the days ahead coupled with the signal of the stochastic oscillator pointing down at 16 in the oversold region.
$70.00 in the demand area is the bears’ target as it journey down south.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.