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- ZEC / USD is running in four consecutive daily sessions, closing in red.
- Massive buying interest seems healthy within the $ 100 price region.
ZEC / USD is currently stuck in a very stubborn bearish trend, as seen throughout the cryptic market. Several key areas have been violated, but the ZEC / USD bulls are heavily defending vital support territories. The price is running at its fourth consecutive session in red, having lost over 25% within this trading period.
Recent Bull Failure
As covered in previous article, The bulls were penetrating the stubborn short-term resistance, seen just above the territory of $ 140. Six solid sessions, ZEC / USD had tried to break above, but very failed, as a result, the price has headed south. Large peaks of volumes were seen with the lowest move. He was forced to his lowest levels in over nine weeks.
Lowered goals
ZEC / USD daily table
First of all, looking down, there is a lot of coverage in terms of safety nets for the price drop. The most voluminous areas of demand are seen from $ 108 up to $ 96. In the last fewer moves, buyers have heavily defended a total freefall. The aforementioned region of demand showed its reliability in mid-September, during a heavy bear market.
Weekly chart ZEC / USD
The weekly chart's observations seem potentially dangerous if the bearish moment were to maintain its current course. A breach in the $ 100 purchase zone could be devastating. The next business area, as it is very unexplored, can be seen at the $ 90 level, which is a weekly support area. In addition to the downside, $ 75 is the next goal. This is a consolidation area, which was seen before the big bull from the end of April to June.
Above all, price behavior still points to further potential lower heavy movements. As a result of the weighted pressure on Wednesday and Thursday, price action stabilized, exchanging a consolidation character. The range has shrunk from $ 114 to 107. As a result, current training can be perceived as a bearish flag pattern, which is subject to extensive southward movements.
4-hour chart ZEC / USD
Head goals
The $ 100 territory is very attractive, as detailed above, historically for buyers. If the bullish momentum triggers around these levels, there is an opportunity for a good upward run. The ZEC / USD bulls will have to retest an area of $ 140; Given the number of times this has been tested, it would not be surprising to see a rapid violation. Finally, looking further north, $ 160 could quickly come into play, high zone at the beginning of September.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
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