ZECUSD Long-term Trend – Bearish
Distribution territories: $320.00, $340.00, $360.00.
Accumulation territories: $280.00, $260.00, $240.00.
Some weeks ago, a bearish bias has occurred on ZCash. The digital currency against the US dollar has been traded below distribution territory of $320.00 as at the time of writing. The price movement has not shown any significant high. As a result, this could suggest a strong bearish movement. Both moving averages 13 and 50 point southwards. Stochastic Oscillator has crossed from top and also points in the direction of both moving averages.
A slight upward movement could be experienced and if this happens, a reversal could be expected which might eventually indicate resumption of strong bearish movement in the long term trend.The bearish trend on ZCash is expected to continue if any strong price action occurs and eventually form a rapid reversal from the immediate distribution territory of $320.00. This could lead to market movement southward to $280.00 and extend to $260.00.
