Zcash Price Analysis - February 10

ZEC_USD-Daily(Feb.2).jpg

ZECUSD Medium-term trend: Bearish

Supply levels: $385, $380, $375

Demand levels: $355, $360, $365

At the beginning of January 2018, ZECUSD price gap up after a sideways movement. The common gap created was filled after the price had a downward movement.

However, the 50-day moving average and 20-day moving average are trending southward indicating that the price is falling whereas RSI period 14 is level 43 meaning that the price has entered the sideway zone. Since the trend is bearish, short trades should be initiated when the demand levels of $355, $360, $365 are breached.

ZECUSD Short-term trend: Sideways

ZEC_USD-1 hour(Feb.2).jpg

The short term trend market is a sideways movement. The 50-day moving average and 20-day moving average are trending sideways; similarly, the RSI period 14  is level 41 indicates that the market is in a sideways movement. Since the short term trend is a sideways movement ; long trades should be initiated at the demand levels while short trades at the supply levels. Take profits should be before these levels because the market oscillates often times.

You can also trail stop your profits as the market moves in your favor. That is for long trades take profit should be near  the supply levels and while short trades take profit should be near the demand levels.