ZECUSD Medium-term Trend: Bearish
Supply levels: $395, $390, $385
Demand levels: $365, $370, $375
Yesterday, ZECUSD pair was in a sideways market but today is in a downtrend trading at $381.80. The market is bearish because the moving average is above the candlesticks and they are trending southward. In a downtrend it has been established that if price retrace from the low it will create a resistance level where traders would have the opportunity to short their trades. Later, the trend will resume its downward movement.
Also note that if the trend does not continue, you can exit your position. You can follow the familiar logic of buying low and selling high. On the other hand, if the trend does continue, you could profit several times the amount you initially risk to enter the trade. Meanwhile, the RSI period 14 is level 20 which indicates that the market is oversold.
ZECUSD Short-term Trend: Bearish
In the short term trend, the 1-hour chart showing price having a bearish outlook. The 50-day moving average and 20-day moving average are trending southward and above the candlesticks. Also, the RSI period 14 is level 54 indicates that the average gains are higher than average losses.
