ZECBTC breaks key support level
ZCash/Bitcoin Index (ZECBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ZECBTC ended Saturday at 0.02521 losing BTC0.00074 (-2.85%) on low volume. Today's closing price of 0.02521 marks the lowest close since August 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.02557, ZEC confirms its breakout through the previous session's low having traded BTC0.00037 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ZECBTC as at Aug 11, 2018):
Saturday's trading range was BTC0.00085 (3.27%), that's far below last trading month's daily average range of BTC0.00140. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 0.02466. Breaking below the key support level at 0.02577 today, it is now likely to act as resistance going forward. After spiking up to 0.02605 during the day, ZCash found resistance at the 20-day moving average at 0.02598.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 0.02664 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.02502 where further sell stops could get activated. As prices are trading close to August's high at 0.02705, upside momentum might accelerate should ZEC/BTC mark new highs for the month.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETHUSD closing -6.98% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTUSD closing -12.28% lower. Read more