ZECUSD Long-term Trend – Ranging
Distribution territories: $300.00, $350.00, $400.00.
Accumulation territories: $200.00, $150.00, $100.00.
ZECUSD pair has in the first place been under pressure but it is has been trading in a ranging outlook since a couple of months back. The market has been ranging between distribution territory of $250.00 and towards immediate accumulation territory of $200.00. Stochastic oscillator does not oscillate, to neither southward nor northward direction, hence no definite direction in the monthly chart. Both the two moving averages of 13 and 50 lie above the market movement with no significant movement as at the time of writing.
Going by these analytical indicators, a ranging movement is still strongly i the outlook. Investors are expected to stay aside and be watchful. Sooner or later, there can be a strong price action that can lead to either a breakout northward or southward which can as well suggest entering the market by either a short position or a long position. A reversal in price action can occur from the awaited downward movement which can signify resumption of market movement southward to accumulation territory of $200.00 and possibly extend to accumulation territory of $150.00.
