ZCash, ZECUSD, CryptoCompare chart

ZECUSD Medium-term Trend: Ranging

Supply levels: $280, $275, $270

Demand levels: $250, $255, $260

ZCash Price Key Highlights:

  • ZCash previous price level of $280.
  • Price in a range bound movement.
  • Technical indicator price analysis

Yesterday, ZCash was in a ranging market and today the market is still ranging after the price decline. Yesterday, the RSI period 14 indicated that the market was overbought suggested bears to take control of the market; and that traders could place short trades if the support level was broken.The bears actually took the price from $280 to as low as $236.30.

The price is now in a range bound movement. However, because of the unpredictable nature of price in a ranging market traders are advised to abstain from trading.Meanwhile, the RSI period 14 is level 46 which indicates that price is in the range bound zone. However, in the medium term trend, the RSI period 14 is level 44 which indicates that price is in the range bound zone.

 ZECUSD Short-term Trend: Ranging 

ZCash, ZECUSD, CryptoCompare chart

Yesterday, ZCash was in a ranging market oscillating between the resistance at $270 and the support at $260. The bears took control and the price broke the support to as low as $236.30. The ZCash  is again  fluctuating   between the resistance at $250 and the support at $235. However, in the medium term trend, the RSI period 14 is level 52 which indicates that the price is in the range bound zone.

Traders should wait for a breakout: a breakout at the support is a short trade while a breakout at the resistance is a long trade.