ZECUSD Long-term Trend: Ranging
Distribution territories: $250.00, $300.00, $350.00.
Accumulation territories: $150.00, $100.00, $50.00.
Zcash against US dollar continues its ranging movement as it has been for the past few weeks. ZECUSD pair, on April 4th, managed to make a slightly lower high around the distribution territory of $200.00, and not too long on the same day that it slumped and now ranging below it. The assumption on ZECUSD remains to the range until the range bound is convincible in the breaking out of the current price trend.
Price has not been able to move past moving average 13 which also lies a far below the moving average 50. Stochastic oscillator is not clearly making a definite direction in the oversold zone. Also, price has concurrently been ranging from the two moving averages some weeks back. At the time of writing this analysis, it is not safe to either suggest bearish or bullish bias. This pair, like many others in the cryptocurrency trading market, needs a strong catalyst in the price action to break out of the current range bound. Traders can look out for entry of a long trade from a well-defined reversal from accumulation territory of $150.00, $100.00 or $50.00 as the case may be. Likewise, traders can join the market once the immediate distribution territory of $250.00 is broken out by a strong bullish candlestick.
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