ZECUSD Medium-term Trend: Sideways
Supply levels: $410, $410, $405
Demand levels: $380, $385, $390
The ZECUSD pair has been moving horizontally for some days before commencing a bearish outlook. It is a downtrend because the moving averages are above the candlesticks. This was the reason price fell from $405.10 to $392.05 as at today. The 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 39 indicates that the market has reached the oversold condition.
The prices in the bearish trend have pullbacks at $405 and $400 which are the supply levels of the market where you initiate your short trades. If you have the Fibonacci retracement tool we will apply it to this downward. In a downtrend, it is expected that if prices retrace from the low, it will encounter resistance at one of the Fib retracement levels which will give traders the opportunity to short.
Later the market will resume its downward movement. The demand levels may be breached.
ZECUSD Short-term Trend: Sideways
In the short term trend, ZECUSD pair shows price horizontally. Traders may not have the opportunity of trading the market because the key levels of resistance and support are not evenly apart where price can oscillates; this makes trading difficult. For you to trade sideways market it must be ranging. That is the price must oscillate to and fro the key levels at a good distance.