2019-6-18 16:30 |
Zcash has an increasingly bullish short-term trading bias, with the cryptocurrency surging to a fresh 2019 trading high The four-hour time frame shows that a bearish head and shoulders pattern has been invalidated The daily time frame is showing that a large inverted head and shoulders pattern has been triggered Fundamental Analysis
Zcash has surged after its partner Parity Technologies announced the release of the alpha version of Zebra, the first Zcash client written entirely in Rust. Zebra exists to provide redundancy in the network and provides additional security in case of failure of the primary client, Zcashd.
Zcash / USD Short-term price analysisZcash has an increasingly bullish short-term trading outlook, with the ZEC / USD pair rallying to a fresh 2019 trading high.
The four-hour time frame is showing that a bullish inverted head and shoulders pattern has been triggered, with ZEC / USD bulls invalidating a bearish head and shoulders pattern.
Technical indicators across the four-hour time are still bullish, although they are starting to appear overstretched.
ZEC / USD H4 Chart by TradingView
Pattern Watch
Traders should note that the bullish inverted head and shoulders pattern on the four-hour time frame is close to reaching its full upside projection.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish, although it has now reached overbought conditions.
MACD Indicator
The MACD indicator on the four-hour time frame remains bullish and continues to issue a buy signal.
Zcash / USD Medium-term price analysisZcash has a bullish medium-term trading outlook, with the ZEC / USD pair on course for its fifth consecutive day of trading gains.
The daily time frame is showing that a significant technical breakout has occurred, with a large inverted head and shoulders pattern being triggered into action.
Technical indicators on the daily time frame remain bullish and continue to issue a buy signal.
ZEC / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the ZEC / USD pair could rally towards its all-time price high if the bullish pattern on the daily time frame reaches its full upside projection.
Relative Strength Index
The RSI indicator remains bullish on the daily time, although it has moved into extreme overbought territory.
MACD Indicator
The MACD indicator on the daily frame remains bullish and continues to issue a buy signal.
ConclusionZcash has performed a major technical breakout on the daily time frame, with bulls finally triggering the large inverted head and shoulders pattern into action.
The cryptocurrency could start to test towards its all-time trading high if bulls keep the recent upside momentum intact.
Check out our coin guide for Zcash for a quick overview of the project.
A deeper dive is available in our DARE analytical report.
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The post Zcash Price Analysis ZEC / USD: Zebra Powered Breakout appeared first on Crypto Briefing.
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