Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation
Zcash confirmed a bearish divergence on decrease timeframes however has additionally flipped a zone of provide to demand in current days. Regardless of Bitcoin exhibiting a powerful drop from $42.7k to $40.7k, ZCash was not affected a lot negatively. Nevertheless, additional bearish sentiment throughout the market may pressure ZEC to drop as effectively.
ZEC- 1 Hour Chart
In white is a curve exhibiting the value closing at increased highs on an uptrend. Analyzing the market construction on decrease timeframes we are able to see that the bearishness of April has been damaged previously few days.
The $156 stage was the latest decrease excessive of the earlier downtrend, and it has been damaged and ZEC has additionally managed to flip the $159 space (cyan field) from provide to demand. On the identical time, the value has additionally shaped a collection of upper lows, to recommend a bullish pattern over the previous two days.
The RSI made decrease highs (white) at the same time as the value pushed increased. This might see a pullback for ZEC. On the time of writing, a pullback has already begun, as ZEC dropped from $169 to $161.5. The RSI has not dipped under the impartial 50 stage, which meant that the decrease timeframe bullish momentum might proceed.
The OBV has additionally been rising not too long ago, to point out regular demand behind the bullish pattern. This demand might forestall ZEC from falling beneath $159 over the following few hours. The DMI additionally confirmed a powerful uptrend on the verge of ending. The ADX (yellow) was above 20 however the +DI (inexperienced) might dip under 20, primarily based on the session shut.
The pattern over the previous couple of days might proceed to see demand arrive and drive costs increased. Regardless of the bearish divergence, the demand zone remained intact. A session shut beneath $156.6 might shift the bullish bias behind ZEC.