ZECUSD Medium-term Trend: Ranging
Supply levels: $300, $295, $290
Demand levels: $270, $275, $280
From the weekly chart, the ZECUSD pair has been in a sideways trend for some days. The ZCash is trading at $287.46 as at the time of writing. However, the price at $320 is the resistance level while the price at $280 is the support level. The price had tested breaking the support level thrice without success. However, if the price breaks the support level it will fall to as low as $200 the previous level.
On the other hand if the price breaks the resistance level it will encounter resistance at $340. Meanwhile, the RSI period 14 is level 51 which indicates that average gains are higher than average losses.
ZECUSD Short-term Trend: Ranging
In the short term trend the ZECUSD pair is moving sideways as per the daily chart. The price is oscillating between the resistance at $290 and the support at $280. The daily chart shows a choppy price action. The price is not evenly apart between the resistance and support levels therefore cannot be traded. Meanwhile, the RSI period 14 is level 20 which indicates that the market is oversold suggesting bulls taking over the market.