- The short and medium-term outlook is in the uptrend.
- Buying at key areas recommended.
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. The strong bears’ pressure was weakened at $64.10 in the demand area on 16th July after three weeks of bears dominated the market.
The rally began after the morning star formation shortly after yesterday opening was price rose to $72.02. Increased bullish momentum pushed the coin up before the session ended yesterday to $80.00 in the supply area.
Today’s opening price at $74.27 had the bulls still in control with price already up at $77.81 above the 10-EMA.
The rally may be sustained as more buyers take positions in the market with the pushed of the coin to the 61.8 fib level at $82.71 in the supply area as indicated by the signal of the stochastic oscillator pointing up at 60%, suggesting upward momentum in price in the medium-term.
ZEC/USD Short-term Trend: Bullish
The cryptocurrency is in an uptrend market in the short-term outlook. The double bottom formed at $66.00 returned the bulls returned before the close of yesterday session with the break at the resistance at the two EMAs. ZECUSD rose to $77.59 in the supply area.
The ABC Elliot pattern is formed as the rally continues after today’s opening price at $74.99. With bullish railroad at the B, it suggests that the possibility of attaining C is high with increasing momentum in the short-term coupled with the signal of the stochastic oscillator pointing up at 70%.
$82.00 in the supply area is on the horizon with more candle open and closed above the two EMAs.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research
Buy, Sell or Swap Any Cryptocurrency at Your Convenience [Powered by Changelly]
GET CRYTOCURRENCY NEWS UPDATE DAILY. SUBSCRIBE BELOW
Bitcoin Market Price Chart in RealTime