ZEC/USD Long-term Trend – Ranging Distribution territories: $80, $90, $100 Accumulation territories: $40, $30, $20

ZEC/USD market point has been witnessing choppy price movements around $60 mark from December 26 until now. The currency pair in the past firstly tested the said market point between last year’s December 25 and 26 after a long notable decline in the market.

On December 6, the same point in question was eventually breached southwards but to establish range zones of $60 and $50 marks since then. The 14-day SMA is located within the range zones underneath the 50-day SMA with a short space between them. The Stochastic Oscillators have closed hairs below range 40.

As the $60 and $50 marks have been observed as the two key range zones of the market presently, it’s so much necessary that traders should await an emergence of price action to play out prior placing a trade. More importantly, the $60 price point needs to be wary of as it could act as the vital point for bulls’ foundation as well as a reversal point for bears to re-feature in the market.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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