ZECUSD breaks back above 50-day moving average
ZCash/US Dollar Index (ZECUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ZECUSD finished Sunday at 37.68 gaining $0.92 (2.5%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ZECUSD as at Nov 10, 2019):
Sunday's trading range has been $2.10 (5.68%), that's slightly below the last trading month's daily average range of $2.41. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ZECUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on November 5th, ZECUSD actually gained 0.15% on the following trading day.
The cryptocurrency managed to close back above the 50-day moving average at 37.65. Prices are trading close to the key technical resistance level at 39.03 (R1). After having been unable to move lower than 36.18 in the previous session, ZEC/USD found buyers again around the same price level today at 36.41.
While ZCash is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 39.60 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 36.01 where further sell stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ZEC/USD. Out of 34 times, ZECUSD closed lower 61.76% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more