Conclusion for today’s Zcash Analysis:
Breakout from the long term bearish channel implies higher prices in ZCash (ZEC USD).
A log scale is used on the Daily timeframe for today’s Zcash analysis. A bearish channel is used to provide perspective for price action starting from June 25, 2019 to October 24, 2019.
The bearish channel lasted for about 4 months prior to price successfully breaking out and closing outside the channel. This implies higher prices in Zcash and conditions less in favor for any bearish Zcash trade.
Any long (buy) trades in Zcash can be expected to run into resistance at the 200 Day moving average currently at ~64.04. In addition, 44.52- 53.45 is marked as price levels to watch for immediate resistance due to a change in polarity at the aforementioned price levels i.e. support turning into resistance.
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Buying on a break above ~42.41 can be considered as part of the strategy for entering long (buy) Zcash trades, while very conservative strategies include buying on a break and/or close above the 200 Day moving average.
The upper boundary of the bearish channel can also be anticipated as support if there is any retracement from the current price level. In such a scenario, price consolidating at the boundary can offer opportunity to enter long (buy) positions in Zcash (ZECUSD).
Price closing below ~31.63 reduces the chances of the bullish analysis above from transpiring.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.