ZECUSD Medium-term Trend: Sideways
Supply levels: $385, $380, $375
Demand levels: $355, $360, $365
Yesterday, ZECUSD pair was in a downtrend but today it is in a sideways market trading at $378.07. From the weekly chart the price at $420 is the resistance level whereas the price at $380 is the support level. The two key levels were tested for about four times each and the market reverses at each point in time. Since we are able to identify the key levels we should be able to trade the market.
If you have followed the sideways trend from its inception then you will be able to achieve much. Take a single order according to the number of arrows. At the resistance you take a short order and exit near the support zone. Also, at the support level you take a long order and exit near the resistance zone.Meanwhile, the RSI period 14 is level 45 which indicates that the market is in the sideways trend zone.
ZECUSD Short-term Trend: Bearish
In the short term trend, the daily chart has a bearish outlook. The 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 47 which indicates that the market is in a sideways trend zone.