ZECUSD Long-term Trend: Ranging
Distribution territories: $350.00, $400.00, $450.00.
Accumulation territories: $150.00, $100.00, $50.00.
ZCash still maintains same distribution territories as well as the same accumulation territories not different from last week. ZECUSD has been concurrently ranging in a definite range bound of between the distribution territory of $300.00 and accumulation territory of $200.00. Between April 24 and the following day, April 25, the pair witnessed a definite reversal in the uprise price ranging movement.
The Simple Moving Average 13 has crossed the Simple Moving Average 50 from below. Price has been fluctuating along the trend line of Simple Moving Average 13 a bit above the Simple Moving Average 50. The Stochastic Oscillators have moved dip into the overbought zone, and this indicates that overbought conditions.
However, it is visibly believed that bears are trying to pull back price from northward movement. The immediate distribution of $300.00 has only been touched, and price is finding it difficult to break out. The ranging movements continue, presently. Traders can take advantage of this market by being on the lookout for a reversal from bearish movements and enter a long position.
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