Bullish reversal at $49 is possible in Zcash market
Zcash Price Analysis – October 20
In case the support level of $49 holds, buyers may face the $53 psychological resistance level and Zcash may increase to the potential resistance levels at $60, and $69. At the lower side of the chart, sellers will face the support level at $49, $47, and $36.
Resistance levels: $53, $60, $69
Support levels: $49, $47, $36
ZECUSD Long-term Trend: Bearish
Zcash is bearish in the daily chart. The bears have been dominating the market for more than two months. The price reached the high of $81 resistance level but bulls’ momentum could not break up the level. A pin bar candle pattern formed indicating that there will be a bearish reversal. It happened and the price dropped at the support level of $53. Sellers exert more pressure and the just mentioned level was broken downside and $49 level is tested.
On the daily chart, ZEC/USD remains in the hands of the sellers, the price is trading below the 9 periods EMA and 21 periods EMA. In case the support level of $49 holds buyers may face the $53 psychological resistance level and may increase to the potential resistance levels at $60, and $69. At the lower side of the chart, sellers will face the support level at $49, $47, and $36.
ZECUSD Medium-term Trend: Bearish
On the 4-hour chart, Zcash is bearish. The price action was making a lower lows, lower highs on the 4-hour chart. This is a sign of downtrend. The sign came up when price was rejected at the resistance level of $81. Zcash is moving below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum.
The indicator, Relative Strength Index period 14 is pointing upside to indicate a buy signal which may be a pullback. The two EMAs are interlocked and the price is trading over and around the two EMAs.
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