Conclusion for today’s Zcash Analysis:
Price closing above ~69.26 implies resumption of a bullish price swing in Zcash.
Zcash analysis for today is presented using a 6 hour timeframe (log scale) bar chart. Over 5 months of price data is shown on the chart from February 2019 to current date.
The bullish move in Zcash from the February 06, 2019 low reached a price peak of 131.37 on June 26, 2019, followed by a sell off that is captured using a bearish channel. A break in the long term bullish trendline on July 29, 2019 suggests additional strength to the downside.
However, price action currently testing the upper boundary of support at ~63.02 has failed to continue momentum to the downside and therefore indicates caution for the current downtrend.
A close below 63.02 increases the chance of testing the lower boundary of support at ~58.07, with a break below indicating bearish strength that should reach the February 06, 2019 low.
Conversely, price closing back above its long term trend line and also above the 69.26 price level does argue against further move to the downside i.e. weakness in the downtrend.
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