- The medium-term is in a bullish trend while the short-term outlook is in a range-bound market.
- Patience trading the consolidation.
ZEC/USD Medium-term Trend: Bullish
Supply zones: $100.00, $110.00, $120.00
Demand zones: $50.0000, $40.00, $30.00
ZECUSD is in a bullish trend in the medium-term outlook. Missing the target at $80.00 in the demand area as predicted in yesterday analysis the bear lost momentum at $85.22. This occurred shortly after today’s opening session with the 4-hour candle closed as a bearish spinning top at $88.26.
The return of the bullish dominance was confirmed by the bullish engulfing candle after the opening candle at $87.13. ZECUSD rose initially to $91.18 and later to $92.19 in the supply area.
The bulls may continue the journey up north as indicated by the signal of the stochastic oscillator pointing up at 19% in the oversold region an indication upward momentum in price.
The 38.2 or the 50.0 fibs area at $93.29 and $95.76 respectively in the supply area, may be the point when the bulls may lose momentum before a possible bears return in the medium-term.
ZEC/USD Short-term Trend: Ranging
The cryptocurrency is in a range-bound market in the short-term outlook. With a low of $85.78 in the demand area, the bears gradually lost momentum toward the end of yesterday session.
Although today’s session opened on a bullish note, the bears prevailed briefly pushing the coin to $85.78in the demand area as the coin went into consolidation. The bulls took control of the range after the formation of the bullish hammer at the demand area with price up at $92.19 above the 10-EMAs within the range.
The signal of the stochastic oscillator is pointing up at 78% suggesting upward momentum in price within the range in the short-term.
$96.00 is the upper supply area while $85.00 is the lower demand area of the range. Patience should be exercised for a breakout at the upper area or a break down at the lower area with a retest before a position is taken
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