ZECUSD finds buyers around 86.31 for the third day in a row
ZCash/US Dollar Index (ZECUSD) Technical Analysis Report for Jul 13, 2019 | by Techniquant Editorial Team
ZECUSD ended Saturday at 89.26 losing $3.71 (-3.99%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ZECUSD as at Jul 13, 2019):
Saturday's trading range has been $7.29 (7.83%), that's slightly below the last trading month's daily average range of $8.53. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ZECUSD.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Thursday, ZECUSD actually gained 6.35% on the following trading day.
Prices are trading close to the key technical support level at 86.00 (S1). ZEC found buyers again today around 86.31 for the third trading day in a row after having found demand at 86.00 in the previous session and at 86.73 two days ago.
Though ZEC/USD is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might speed up should prices move below the nearby swing low at 86.00 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ZEC/USD. Out of 99 times, ZECUSD closed lower 68.69% 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 six trading days, showing a win rate of 72.73% with an average market move of -9.11%.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -3.89% and LTCUSD closing -3.82% 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 BCNUSD surging 10.06% and XVGBTC closing 5.26% higher. The worst performers of the day have been LTCCNY tanking -8.31% and NEOUSD closing -8.22% lower. Read more