Zcash Price Analysis - February 9

_ZEC= Daily(Feb9).jpg

ZECUSD Medium-term Trend: Bullish

Supply levels: $490, $480, $470

Demand levels: $430, $440, $450

Yesterday, ZECUSD was trading at $401.44 but today it is trading at $459.58 which is about 14.6% increase. The bullish trend between yesterday and today made the pair to appreciate by 21.4%. However, the 50-day moving average and 20-day moving average are trending northwards whereas RSI period 14 is level 70 indicating that the market is overbought.

The price has risen above the demand levels and the supply levels would be breached. Traders should look for buy set up in the uptrend.

ZECUSD Short-term Trend: Bullish

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In the short term trend, ZECUSD pair was bullish between yesterday and today trading. In yesterday’s trading the market was in an overbought condition. Today, the RSI period 14 is level 51 indicating that average gains are more than average losses suggesting that sellers would soon take control. The RSI period 14 level 51 has shown that price has fallen from the overbought condition to level 51.

The 50-day moving average and 20-day moving average are trending northwards. The smaller moving average show a stronger trend.All opened orders should be closed at the overbought market condition.