For those that are unfamiliar with ZEC/BTC , it launched in October of 2016 and has a serious 4-star team working on it and backing it up. It uses ZK-SNARK which is basically a shielded address which is achieved through the use of their Zero Knowledge Proof construction. This allows users to send transactions that are hidden from public ledger (identity and value). Yes, there are other coins out there that offer the same sort of thing like, Monero (XMR), Dash (DASH), and even Verge (XVG). AND there is also ZClassic ( ZCL ) which is worth reading up on. Anyway, there are lot of articles out there saying ZEC/BTC will moon and be 60k by 2025, and it may, but if top 10 coins start to offer the same thing we may see ZCASH slowly fade away (or not!)
But enough about the coin, lets get to the analysis...
Looking at the chart above we can see that the previous support line has now become the new resistance line. We have a narrow trading range forming with a mid support line around .038. IF we fall below this we will be testing the .0313 - .0299 range as support, and below that would be a support of .01749. However if we can see ZEC/BTC break the resistance and find support at that level again we could see a return to around .0745 and then .1032.
It looks as for now we could see ZCASH continue to dance around this narrow trading range for a while. However we are currently seeing a cross over in the DMI which could mean we will see a downward continuation.
Happy Trading :)
***This information is not a recommendation to buy or sell***
*Please leave a comment and let me know what you think!