Bullish reversal at $49 is feasible in Zcash market

Zcash Value Evaluation – October 20

In case the assist degree of $49 holds, consumers could face the $53 psychological resistance degree and Zcash could enhance to the potential resistance ranges at $60, and $69. On the decrease aspect of the chart, sellers will face the assist degree at $49, $47, and $36.

Key Ranges:

Resistance ranges: $53, $60, $69

Help ranges: $49, $47, $36

ZECUSD Lengthy-term Development: Bearish

Zcash is bearish within the every day chart. The bears have been dominating the marketplace for greater than two months. The worth reached the excessive of $81 resistance degree however bulls’ momentum couldn’t break up the extent. A pin bar candle sample fashioned indicating that there will likely be a bearish reversal. It occurred and the worth dropped on the assist degree of $53. Sellers exert extra strain and the simply talked about degree was damaged draw back and $49 degree is examined.

On the every day chart, ZEC/USD stays within the palms of the sellers, the worth is buying and selling beneath the 9 intervals EMA and 21 intervals EMA. In case the assist degree of $49 holds consumers could face the $53 psychological resistance degree and should enhance to the potential resistance ranges at $60, and $69. On the decrease aspect of the chart, sellers will face the assist degree at $49, $47, and $36.

ZECUSD Medium-term Development: Bearish

On the 4-hour chart, Zcash is bearish. The worth motion was making a decrease lows, decrease highs on the 4-hour chart. This can be a signal of downtrend. The signal got here up when worth was rejected on the resistance degree of $81. Zcash is shifting beneath the 9 intervals EMA and 21 intervals EMA as an indication of bearish momentum.

The indicator, Relative Power Index interval 14 is pointing upside to point a purchase sign which can be a pullback. The 2 EMAs are interlocked and the worth is buying and selling over and across the two EMAs.

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