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ZCash Analysis: Intraday Chart Patterns and 3 Things You Must Know

Conclusion for today’s Zcash Analysis:

An upside breakout of the current pennant formation does imply continuation of bullish momentum. Upside target in this case would be the upper boundary of the bearish channel.

A logarithmic scale is used in today’s Zcash analysis on an intraday (6 Hour) timeframe. Over 3 months of price action shows a strong bearish trend in Zcash (ZECUSD), with a bearish channel plotted to provide perspective for the duration of price action (June 2019 till date).

The crossover of the 50 moving average below the 200 moving average on July 16, 2019 also supports evidence for the current bearish sentiment in Zcash. Three important things to keep in mind for the week of October 6, 2019 for any Zcash trade are the following.

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Zcash forecast. Zcash price prediction

(i) Immediate resistance between 44.52 and 53.45: The lower boundary of the region does coincide with the upper boundary of the channel, and is therefore expected to present a challenge to any bullish momentum. The most conservative Zcash trade (bullish) would therefore wait for price action to break above 53.45, while a less conservative bullish idea is to buy as soon as a break occurs above the upper boundary of the channel at ~44.52.

(ii) 50 and 200 moving average: The slope of both moving averages implies a strong downtrend and therefore limited potential for any bullish trade. A close above the 50 does improve the possibility of price retracing to the 200 moving average, which also coincides with the upper boundary of the channel.

(iii) Formation of what is described as a pennant chart pattern suggests a breakout to the upside and continuation of price upwards from the September 24, 2019 low of 42.74. A break below the lower boundary of the pattern would provide the opportunity for bearish momentum to accelerate and hence non confirmation of the chart pattern.

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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.

 

 

 

 

 

 

 

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