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ZEC/USD Long-term Trend – Ranging
Distribution territories: $170, $200, $230.
Accumulation territories: $95, $65, $35.
Over a couple of weeks, there has been a considerable amount of ranging price movements in the market valuation of ZEC/USD. It is as well been observed that between Sept. 24 and 29, a confluence of short Japanese candlesticks was formed around the 50-day SMA’s trend-line.
That in turn eventually gave in to more lower lows that led the market price line got pushed southwards briefly past the 14-day SMA’s trend-line within the range-bound zone. The two SMAs have joined mouth together as price has been fluctuating closely below them. The Stochastic Oscillators have moved southward to touch range 20. They now appear consolidating around it. This depicts that market price action is getting slowly at its moving force pace.
The following price territories are being noted as the key horizontal lines: $145, $130 and a territory a bit below $115 that this crypto may have to be driven to get decent bearish reversal foundations. A strong bearish reversal around those territories could lead to a bullish market emergence in the ZEC/USD market.
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