- The short and medium-term outlook is in a bullish trend.
- Responsible buying recommended at key areas.
ZEC/USD Medium-term Trend: Bullish
Supply zones: $100, $110.00, $120.00
Demand zones: $50.0000, $40.00, $30.00
ZECUSD remains in a bullish trend in the medium-term outlook. After a bullish run to $92.94 in the supply area, the coin has been in consolidation. The consolidation was a kind of market correction and to confirm the bullish continuation. $93.14 was the high while $87.17 was the low within the range.
Today’s 4-hour opening candle at $87.80 has the bulls back in control confirmed by the gravestone doji formation. Price was up at $96.14 above the 10-EMA, a breakout at the upper trendline already done which further confirm the bulls dominance.
$102.00 in the supply area may be the bulls’ target. This is achieved by the measured move from the initial bullish impulsive movement to the consolidation phase. The two EMAs are fanned apart which suggest strength in the context of the trend and in this case be the uptrend.
ZEC/USD Short-term Trend: Bullish
The cryptocurrency is in the uptrend in the short-term outlook. The bulls succeeded in retesting the high at $93.14 in the supply area before losing momentum. The bulls are back in control after the bears’ pressure which was strong after today’s opening was weakened at $87.48 in the demand area.
The 50-EMA was broken with a large candle confirming the bulls takeover. ZECUSD is up at $90.95 as it makes its way back up to yesterday high and a possible breakout in the short-term.
The stochastic oscillator signal points up at 67%. This suggests upward momentum in price of the cryptocurrency. $94.00 in the supply is on the horizon as the bullish momentum increases in the short-term.
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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