- The short and medium-term outlook is in the downtrend.
- Traders may consider selling at pullback areas with bearish reversal candlesticks.
ZEC/USD Medium-term Trend: Bearish
Supply zones: $90.00, $95.00, $100.00
Demand zones: $50.0000, $40.00, $30.00
ZECUSD is in a bearish trend in the medium-term outlook. The bears were obviously in control after the two EMAs were broken on 3rd June. The cryptocurrency had been on a downtrend with lower low each day.
Despite a bullish 4-hour candle at $80.54 as the market opens today, price drops further low at $76.04 in the demand area due to the sustained bearish momentum.
The signal of the stochastic oscillator points down at 49% and price is below the two EMAs. These suggest the bears may continue to push price down south as more sellers take a new position in the market in the medium-term.
ZEC/USD Short-term Trend: Bearish
The cryptocurrency is in a downtrend in the short-term outlook. Today’s 1-hour opening candle at $90.00 sustained the bullish momentum arising from the railroad that emerges on 4th Junes. ZECUSD rose to $81.41 a key supply area.
The bears gradual retuned was noticed by the break of the two EMAs and the cryptocurrency dropped to $76.24 in the demand area.
The downward price movement remained strong as indicated by the signal of the stochastic oscillator. $75.00 in the demand area is the bears’ initial target in the short-term.
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