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 latest days. Regardless of Bitcoin exhibiting a robust drop from $42.7k to $40.7k, ZCash was not affected a lot negatively. Nonetheless, additional bearish sentiment throughout the market would possibly power ZEC to drop as effectively.
ZEC- 1 Hour Chart
In white is a curve displaying the worth closing at increased highs on an uptrend. Analyzing the market construction on decrease timeframes we will see that the bearishness of April has been damaged prior to now few days.
The $156 degree 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 worth has additionally fashioned a sequence of upper lows, to counsel a bullish development over the previous two days.
The RSI made decrease highs (white) at the same time as the worth 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 degree, which meant that the decrease timeframe bullish momentum might proceed.
The OBV has additionally been rising just lately, to indicate regular demand behind the bullish development. This demand might forestall ZEC from falling beneath $159 over the subsequent few hours. The DMI additionally confirmed a robust 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 development 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.