- The short and medium-term outlook is in a downtrend.
- Responsible selling may be considered at key areas.
ZEC/USD Medium-term Trend: Bearish
Supply zones: $100.00, $110.00, $120.00
Demand zones: $50.0000, $40.00, $30.00
ZECUSD is in a bearish trend in the medium-term outlook. The bullish momentum was sustained as predicted to the 61.8 fib area with the coin making a high at $82.02. The presence of wicks in candles at this area connotes bullish exhaustion and subsequently bears return.
Price fell to $70.53 in the demand area closing at $79.15 as yesterday session ended.
Today’s opening session opened on a bearish note at $79.06 with the break of the resistance at the 10-EMA and the cryptocurrency down to $75.23.
With the signal of the stochastic oscillator pointing down at 72%, suggesting downward momentum in price in the medium-term.
The 23.6 fib area is the bears’ initial target at $71.14 before the breakdown at the previous low at $64.01 the demand area.
ZEC/USD Short-term Trend: Bearish
The cryptocurrency is in a downtrend in the short-term outlook. The target at $82.00 in the supply area was attained due to the strong bullish momentum which was lost with inverted pinbar formation suggesting exhaustion.
The bears took control of today’s session with price at $78.85 with the formation of another pinbar as the cryptocurrency fell to $75.23.
Price is below the two EMAs and the signal of the stochastic oscillator is pointing down at 15% in the oversold region. These suggest a downward momentum in price of the cryptocurrency.
$72.00 in the demand area is on the card as bears increased momentum with more candle open and closed below 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