ZEC/USD Long-term Trend – Bearish
Distribution territories: $270, $300, $330.
Accumulation territories: $140,110, $80.
ZEC/USD witnessed a number of varieties ranging movements between July 25 and 29. On July 30, the crypto fell southbound to briefly breach past the 14-day SMA for the first time, and shortly pulled up back to finish within the last range-bound zone. The following day, the cryptocurrency started experiencing another strong decline which eventually led to the emergence of a well-formed Japanese bearish candlestick in the market.
Going by the clear signal of that, bears try to intensify their market driving force against bulls’ sudden weaknesses in the market as price value has been successfully pushed southbound past the two SMAs’ trend-lines. Price has been traded below the two SMAs currently as the 14-day SMA is located above the 50-day SMA. The Stochastic Oscillators have dipped freshly into the oversold zone but yet point south. This denotes that there is still a probability of this crypto getting pushed further a little.
The strong bearish driving force of the current trend may somewhat push further either to touch or breach past below the Japanese bullish candlestick that formed on July 13. Bulls are expected not to quickly stage a comeback as at now. The assumption is that this crypto may now be allowed to build up its foundations from below to give another good up rise entry.
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