Zcash Price Analysis - February 6


ZECUSD Medium-term Trend: Bullish

Supply levels: $400, $380, $360

Demand levels: $280, $300, $320

The Zcash has similar characteristics with the Ripple price. Each of them has bearish outlook yesterday but now has a bullish trend. The price has broken a major trend line to form a new trend. When price break through a major trend line, the trend will come to an end; you can see price breaking major trend line and going in the direction of the new trend.

Also, see the pointed arrow. In an uptrend traders can take long trades at the support levels of the uptrend. The 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is above 70 indicating a bullish trend. One Zcash is now trading at $347.08

ZECUSD Short-term Trend: Bearish

_ZEC_USD-1 Hour(Feb.6).jpg

Yesterday the short term trend was bearish and presently moving sideways. The 20-day moving average is below the 50-day moving average whereas the RSI period 14 is below 30 indicating that the market is oversold. Traders should take long trades since the market is oversold and the demand levels of $280, $300, and $320 have been broken.