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Bullish reversal at $36 is possible in Zcash market
Zcash Price Analysis – 09 November
Further increase in the sellers’ pressure will push Zcash to beak down the support level at $36, which may extend to $30, and $27. In case the support level of $36 holds, buyers may face the $41 psychological resistance level and may increase to the potential resistance levels at $47, and $49.
Key Levels:
Resistance levels: $41, $47, $49
Support levels: $36, $30, $27
ZECUSD Long-term Trend: Bearish
Zcash is bearish in the daily chart. The bears continue to dominate the Zcash market. The bearish movement is lingering for more than two months. Last week the price was consolidating within the $53 and $49 levels. The bears gained more power to break down the $49 level. Price declined toward the support level of $36. The just mentioned level is tested today and it is pulling back at the moment.
On the daily chart, ZEC/USD remains under the control of the sellers, the price is trading below the 9 periods EMA and 21 periods EMA. Further increase in the sellers’ pressure will push the price to break down the support level at $36, which may extend to $30, and $27. In case the support level of $36 holds, buyers may face the $41 psychological resistance level and may increase to the potential resistance levels at $47, and $49.
ZECUSD Medium-term Trend: Bearish
On the 4-hour chart, Zcash is bearish. The price consolidates for many days within $53 and $49 levels. The price breaks down to the support level of $49. The price declines toward the support level of $47. More pressure from the sellers decreases the price further to $36 support level.
The indicator, Relative Strength Index period 14 is pointing downside at 20 levels to indicate a sell signal. The two EMAs are well separated and the price is trading below the two EMAs indicating a strong sell signal.
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