ZECUSD Medium-term Trend: Sideways
Supply levels: $410, $405, $400
Demand levels: $380, $385, $390
Yesterday, Zcash was in a bearish move. In a downtrend it is expected that if prices retrace from the low, it will encounter resistance at every point in time which will give traders the opportunity to short. Later the market will resume its downward movement.Today ripple is trading at $393.05 but in a sideways market. Not all sideways market are tradable.
The sideways market that is tradable is the example we have before us. It must be a ranging market and the key levels must be evenly apart.From the chart before us, the price at $395 is our resistance while the price at $385 is our support level. You take a short trade at the resistance and exit near the support zone. Similarly, you take a long trade at the support and exit near the resistance zone.
The RSI period 14 is level 29 indicates that the market is oversold suggesting bulls control of the market.
ZECUSD Short-term Trend: Bearish
Ripple price is bearish in the short term trend. The 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 13 indicates that the market is oversold suggesting bulls taking control of the market. Traders should be ready to go long.