ZECUSD Long-term Trend: Bearish
Distribution territories: $450.00, $500.00, $550.00
Accumulation territories: $350.00, $300.00, $250.00.
The market has been experiencing sideways movement quite a few weeks back as at the time of writing. The market has been obviously moving up and down between distribution territories of $450.00 and $350.00, with 13-day moving average not clearly crossing the 50-day moving average in either of the two significant directions.
Investors/traders are expected to take a respite and allow the market to assume a directional movement before deciding either to enter a short or long position. A breakout above the distribution territory of $450.00 will suggest a bullish trend and a breakout below the accumulation territory of $350.00 could suggest a bearish entry, as the market goes further southwards.