ZEC/USD Long-term Trend – Bearish

Distribution territories:$120, $140, $160
Accumulation territories:$50, $30, $10

ZCash has been majorly witnessing an intense depression in its market valuation as paired with the US dollar trade worth over a week back. It recorded a $117 high mark on Nov. 18 but on the following day, slumped from around $115 downwards to achieve a low of about $95 market point on the day.

Thereafter, it has been featuring various Japanese bearish candlesticks on the chart. The 14-day SMA has intercepted the 50-day SMA from the top, and there is a gap between them. The Stochastic Oscillators have penetrated into the oversold zone and they now appear to determine their next moving mode within it.

It's unsafe to conclude that this crypto-market has reached its last bearish point presently in the market as it could still witness a downward movement within the territories of $75 and $30 in the next trading sessions. A correction will definitely come into play within the said territories to call for a precautionary trading act on the part of the traders.

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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