Zcash Price Analysis - February 8

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ZECUSD Medium-term Trend: Bullish

Supply levels: $440, $430, $420

Demand levels: $380, $390, $400

ZECUSD was trading at $378.05 yesterday. Today it is currently trading at $401.44 which is about 6.8% increase. The medium term market is a bullish trend. The 50-day moving average and 20-day moving average are trending northward confirming the trend The RSI period 14 is level 68 which also confirm the bullish trend though price has reached the overbought condition. In a bullish trend traders should place long orders at the demand levels of the market.

The ZECUSD pair has risen over the demand levels of $380, $390, and $400.

ZECUSD Short-term Trend: Bullish

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The short term trend is also bullish. The 50-day moving average and 20-day moving average are trending northward whereas RSI period 14 is 71 indicating  that the market is overbought. When the market is overbought placing long orders will not be necessary because the market will soon reverse.

For you to determine when the trend will end you have to look for price rejection or exhaustive candlestick pattern at the demand levels of $380, $390,or  $400 to take a long trade. All opened orders should be closed at the overbought market condition.