ZECBTC pops to highest close since July 17, 2019
ZCash/Bitcoin Index (ZECBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ZECBTC finished Saturday at 0.00758 surging BTC0.00097 (14.67%) on high volume. This is the biggest single-day gain in over six months. Today's close at 0.00758 marks the highest recorded closing price since July 17, 2019. Closing above Friday's high at 0.00663, ZCash confirmed its breakout through the prior session high after trading up to BTC0.00143 above it intraday.
Daily Candlestick Chart (ZECBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00150 (22.69%), that's far above the last trading month's daily average range of BTC0.00036. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ZECBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 0.00681 (now S1), which is likely to act as support going forward. The last time this happened on July 21st, ZECBTC gained 1.65% on the following trading day.
Crossing above the upper Bollinger Band for the first time since July 14th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.00660 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for ZEC/BTC. Out of 17 times, ZECBTC closed lower 52.94% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 82.35% with an average market move of -10.66%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more