Zcash technical analysis: ZEC/USD bears take control of the market following Tuesday’s price spike
|ZEC/USD daily chart
- ZEC/USD price fell from $85 to $82.10 this Wednesday.
- The bears have control of the market following a bullish Tuesday the price spiked from $76.36 to $85.25.
- The price is charting above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
- The relative strength index (RSI) indicator has dipped from 69.69 to 63.36.
ZEC/USD 4-hour chart
- The 4-hour price is trending above the red cloud of the Ichimoku indicator.
- The Ichimoku indicator shows that the future market sentiment is bearish.
- The bears breached past the $85 support level.
- The moving average convergence/divergence (MACD) indicator shows that the signal line is looking to converge with the MACD line indicating decreasing bullish momentum.
- The relative strength index has crept out of the overbought zone.
ZEC/USD hourly chart
- The second last session in the hourly chart has breached past the lower curve of the 20-day Bollinger band, showing that the price is undervalued.
- The latest session shows that the bulls are looking to correct the price and have found support on the $81.55 level.
- The widening of the Bollinger jaw indicates increasing market volatility.
- The Elliot oscillator shows 16 consecutive bearish sessions.
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