ZEC/USD Long-term Trend – Bearish

Distribution territories: $110, $130, $150
Accumulation territories: $30, $20, $10

ZEC/USD maintained its choppy market movements until December 4, and the range was eventually broken southbound on the following day. On December 6, the US dollar exerted more notable force to touch the $50 mark in the long-run on the following day.

The market saw a $95 high lately on November 29 while the 14-day SMA was slightly broken northwards. Currently, the market has been trading below the 14-day SMA’s trend-line. The 50-day is located around $101 mark above the 14-day SMA which is located at around $70 point in the long-term chart. The Stochastic Oscillators have penetrated into the oversold zone to briefly cross and point north within it. That shows that bulls are making efforts to make a come-back into the market.

Observably, the $50 market point now seems to be the zone around which the crypto will build its foundations, or will feature a convergence of Japanese candlesticks in the next trading sessions. Notably, a bullish reversal against the 14-day SMA’s trend-line could mean a good signal for a bearish entry point.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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