2019-1-27 12:18 |
ZEC/USD Long-term Trend – Ranging Distribution territories: $70, $80, $90 Accumulation territories: $40, $30, $20
ZEC/USD market has been on a more intense choppy price moving manner than that of the last week within the same $60 and $40 range zones. Since last years’ November 14 major decline of this crypto, it has been exposed to downward pressure underneath the 50-day SMA indicator.
As at present, price has been ranging tightly below the 14-day SMA. The 50-day SMA is located above the 14-day SMA but has only been distanced by a tiny space. The Stochastic Oscillators have closed hairs within 40 and 20 ranges. Such action could, later on, turn into a consolidation movement within the range spots.
ZEC/USD market looks like stylishly going downward the $40 lower range point to find its solid foundation around it. Failure to hold that spot for building the required momentum, then there will be a likelihood of experiencing other range zones below the current one. In that case, traders need to exercise patience against taking a further position entry of this market for a while.
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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