ZECUSD Medium-term Trend: Bullish
Supply levels: $300, $295, $290
Demand levels: $270, $275, $280
ZCash price was ranging at the beginning of the week, but was bullish towards the end of the week. The resistance at $240 was broken which was the height of the business transaction. Last week, it was assumed that the price would reach $280. Today, ZCash is trading at $286.84.
However, in the weekly chart, ZCash is in an uptrend. The bullish trend line shows the support levels where traders can enter their trades. However, the price is expected to reach the $300. Meanwhile, the RSI period 14 is level 80 which indicates that the market is seriously overbought, suggesting the bears will take control of the market.
ZECUSD Short-term Trend: Ranging
In the daily chart, ZCash price began a range bound movement at $280 and fell to $275. At the support of $275, it started a bullish movement to the $290 high. At the $290 resistance, the price fell to a $285 and commenced a range bound movement.
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