ZECUSD Long-term Trend: Ranging
Distribution territories: $350.00, $400.00, $450.00.
Accumulation territories: $150.00, $100.00, $50.00.
The ZECUSD pair continues fluctuating with lower highs than lows since April 12. The rebounding uprise was also noticed on April 18, in continuation of the range-bound. The range-bound occurred on March 18, below the $300.00 distribution territory and the $200.00 accumulation territory. Currently, the bulls have managed to breach both the trend lines of the two simple moving averages of 13 and 50.
The simple moving average 13 points northward below the simple moving average 50. The stochastic oscillators have also dipped the two hands into the overbought zone, now trying to determine a fresh direction. Currently, a reversal in price has also been spotted below the $300.00 distribution territory. This indicates that the bears are still trying to push the price back southwards. Yet, traders should be watchful and take a long entry position while the market reverses from any possible notable bearish move. The immediate distribution of $300.00 has also been a strong point at which the bulls need to break out to possibly confirm the bullish market resumption.
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