Zcash Price Analysis – March 7

Azeez Mustapha

Zcash, ZECUSD, CryptoCompare chart

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

Zcash, ZECUSD, CryptoCompare chart

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.

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