ZCash, ZECUSD, CryptoCompare chart

ZECUSD Medium-term Trend: Ranging

Supply levels: $260, $250, $240

Demand levels: $200, $210, $220

On April 12, 2018, ZECUSD pair was in a bullish market. The bulls took price to the high of $240 on April 13, 2018. Since April 13, price of ZCash had been fluctuating between the resistance level at $240 and the support level at $220.  Presently, ZCash is trading at $229, 52. Therefore, as you wait for a breakout between these levels, you can as well trade the ranging market.

In a range bound market strategy, you only trade when the market is either oversold or overbought. When it is overbought, you take a short trade and exit near the support zone. If the market is oversold, you take a long trade and exit near the resistance zone. For breakout trading, if the price breaks at the support level, you take a short trade.

However, if the breakout occurs at the resistance level, you take a long trade and exit near the resistance zone. Remember your stop loss and take profits. Meanwhile, the RSI period 14 is level 58 which indicates that price is in the range bound zone.

ZECUSD Short-term Trend: Bullish

ZCash, ZECUSD, CryptoCompare chart

In the daily chart, price of ZCash is in a smooth uptrend. The bullish trend line shows the support levels with pointed arrows where you can place your long trades. The support level is created when price pulls back to the support. In the other words, when an asset retraces from its recent high a support level is created.

 

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