ZECUSD Medium-term Trend: Bearish
Supply levels: $255, $250, $245
Demand levels: $225, $230, $235
Yesterday, March 15, ZCash price broke the support level of $280 and nosedived to $239.15. At the same time, the RSI period 14 is level 25 which indicates that the market was oversold suggesting bulls taking over the market.Today, ZCash is trading at $240.33 in a bearish market. From the weekly chart, a trend line is drawn across the price bars showing the resistance levels where traders can take a short trade.
In a downtrend, if prices retrace from a recent low, a resistance level would be created. This gives traders the opportunity to short. If the trend does continue you will profit several times the amount you initially risk to enter the trade. But exit your trades as soon as the trend reverses.
ZECUSD Short-term Trend: Ranging
Yesterday, the daily chart shows ZECUSD pair in a smooth downtrend with bearish trend line showing the resistance levels where traders can take short trades. Today the price of ZCash has broken the trend line to commence a range bound movement. This brings to an end the current downtrend. In a ranging market prices move haphazardly that is why trading is difficult. It is advisable to abstain from trading.
Meanwhile, the RSI period 14 is level 60 which indicates that price has reached the bullish trend zone.