Conclusion for today’s Zcash Analysis:
Bullish momentum in Zcash is expected to continue with the bottom of resistance (44.52) as the minimum target.
A log scale on the 6 Hour timeframe is used in today’s Zcash analysis. Inspection of intraday price action focuses primarily on data from June 2019 to current date.
The dominant chart pattern during the period mentioned above is a bearish price channel (tentative) which is used to provide perspective for price action since June 26, 2019 after price reached a peak of 108.03.
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Also plotted along with the channel is the 50 and 200 moving average. July 16, 2019 saw the 50 cross below the 200 moving average adding to downside pressure in Zcash. The most recent test of the lower boundary of the channel occurred on September 24, 2019 when price reached a low of 30.19 with continuation to the downside.
The relative strength index (RSI) does provide additional evidence of the 30.19 price level acting as support via momentum reaching the oversold boundary. This therefore implies that bullish momentum in Zcash should become the dominant force even if temporarily.
As a result, any Zcash trade to the downside is currently limited in potential. 53.45 and 44.52 is marked on the chart as immediate resistance. Continuation of bullish momentum from the 30.19 price level is therefore expected to run into resistance at the lower boundary (44.42) as a minimum expectation.
Additional confirmation of movement to the upside involves the 50 moving average crossing back above the 200 moving average (MA).
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