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Zcash Sheds 14% Last Week, But Analysis Reveals Buying Opportunity

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Zcash Sheds 14% Last Week, But Analysis Reveals Buying Opportunity

Zcash (ZEC) was treading a bearish route along with other altcoins, having shaved off as much as 14% in the past few days.

  • Zcash loses 14% last week but opens up an increased buying opportunity
  • Awesome Oscillators looks bullish
  • ZEC’s RSI at 42

On-chain metrics have shown a glimpse of a buying opportunity with a hint of a downtrend. Now, will the bulls pull it off and haul the price back to $66?

Zcash Fibonacci retracement levels have hovered up from $55 to $92.6, showing an 83.4% retracement level, which is close to the key support zone of $58. In June, the $55 to $58 zone emerged to be a bullish lane.

OBV Hints Increased Buying Volume

More so, the OBV is also seen to rise since July hinting at a more stable buying volume which is recognizably stronger compared to the selling pressure.

On the flip side, frequent retests of the support level seem to have weakened it. If the ZEC price dips below $58, then the coin could further slip to $55 and $52, triggering a new buying opportunity.

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Still, the momentum is geared towards the sellers with the RSI unable to offshoot the 50 zones and stay above that level.

On a 2-hour chart, Zcash appears to have dampened its strength and has weakened as seen in the past couple of weeks. The $67.3 area was bearish as seen since August. More so, the same area has been retested twice.

At this point, the AO reveals a bullish divergence. So, as the price thrusts into the support zone, the momentum is perceived to switch.

ZEC’s price is currently heading above the consolidation period while enjoying the uptrend.

ZEC’s Price Spikes By 1.86%

According to CoinMarketCap, ZEC’s price has surged by 1.86% or trading at $58.25 as of press time. The total market capitalization slumped by 4.62%. More so, trading volume has dipped by 39. 53%, which shows that the buyers are trying to grow their ZEC holdings.

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On the daily price chart, ZEC is seen to spike in price as it hovers near the upper trendline. In order to breach the support line, bulls must consolidate at ZEC.

On the other hand, bears can try to deter the coin’s uptick at any time with the constricted rate of accumulation.

If the bulls want to go in full force and avoid any deterrence from the bears, then they must accumulate.

Based on the daily chart, ZEC’s price is trying to maintain its momentum during the consolidation period. Technical indicators show the increased speed of ZEC’s upward trend.

ZEC’s RSI is currently 42 which is below neutral. The MACD seems to intersect with the signal lines which could signify changes in trends.

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Crypto total market cap at $938 billion on the daily chart | Source: TradingView.com    Featured image from Tino Group, Chart: TradingView.com
(The analysis represents the author's personal views and should not be construed as investment advice).

Bitcoin

Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022

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Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022

Tony Spilotro

I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck – literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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TA: Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge

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TA: Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge

Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC could start a strong surge if it clears the $20,500 resistance.

  • Bitcoin is gaining pace above the $19,800 and $20,000 resistance levels.
  • The price is trading above $20,100 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $20,500 resistance.

Bitcoin Price Remains Supported

Bitcoin price attempted an upside break above the $20,500 resistance zone. However, BTC struggled near the $20,450 zone and started a downside correction.

There was a move below the $20,000 support zone, but the price remained supported well above the 100 hourly simple moving average. It traded as low as $19,754 and recently started a fresh increase. There was a clear move above the $20,000 and $20,200 resistance levels.

Bitcoin price climbed above the 50% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. It is now trading above $20,100 and the 100 hourly simple moving average. Besides, there is also a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair.

It also cleared the 76.4% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone.

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Source: BTCUSD on TradingView.com

A proper close above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,000 resistance zone. In the stated case, the bulls might aim a move towards the $22,000 level.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,450 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.

The next major support is near the $20,100 zone and the trend line. A downside break below the trend line might send the price towards $19,750. The main support is near $19,500, below which the price might start a steady decline.

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Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $20,200, followed by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,000.

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Bitcoin

Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

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Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

Tony Spilotro

I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck – literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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