2019-6-29 16:56 |
Zcash has a bullish short-term trading bias, with the cryptocurrency bouncing sharply from key technical support The four-hour time frame highlights that momentum has shifted to the upside The daily time frame shows that the ZEC / USD pair is consolidating above the neckline of a large bullish pattern Fundamental Analysis
Zcash has shown a positive price trend during the last few days. Recently the Electric Cash project announced that it’s planning “to make Zcash usable by 10 billion people by 2050”, which will require a transfer to a completely new chain. The company is considering implementing sharding and making all transactions private by default, in contrast to the 2% of anonymous transactions now.
Zcash / USD Short-term price analysisZcash has a bullish short-term trading outlook, with the ZEC / USD pair performing a strong technical bounce from key short-term support.
The four-hour time frame shows that buyers are testing back towards a large bearish reversal candle, that was created on the 26th June. The reaction from this key area should decide the ZEC / USD pair’s short-term fate.
Technical indicators across the four-hour time frame are bullish and continue to generate buy signals.
ZEC / USD H4 Chart by TradingView
Pattern Watch
Traders should note that a bearish head and shoulders pattern could start to form if the ZEC / USD pair is rejected from current trading levels.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish and shows scope for further upside.
MACD Indicator
The MACD indicator on the four-hour time frame is turning bullish, with the MACD signal line crossing higher while the MACD histogram trends in a positive direction.
Zcash / USD Medium-term price analysisZcash has a bullish medium-term trading outlook, with the ZEC / USD pair still trading above its breakout point on the daily time frame.
The daily time frame is showing that the bullish breakout still remains valid, with the ZEC / USD pair consolidating above the neckline of a large inverted head and shoulders pattern.
Technical indicators on the daily time frame are mixed and failing to provide a clear trading signal.
ZEC / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the overall upside target of the bullish pattern on the daily time frame will take the ZEC / USD pair towards levels not seen since August 7th, 2018.
Relative Strength Index
The RSI indicator remains bullish on the daily time and continues to trend higher.
MACD Indicator
The MACD indicator on the daily frame remains bullish, although downside pressures are starting to gather.
ConclusionZcash is at a critical juncture in the short and medium-term, with the next few trading sessions likely to prove critical for the ZEC / USD pair.
If bulls fail to rally the cryptocurrency to a new 2019 trading high, we could start to see the formation of a bearish pattern on the four-hour time frame and a much deeper bearish correction.
Check out our coin guide for Zcash for a quick overview of the project.
A deeper dive is available in our DARE analytical report.
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