Zcash Price Analysis ZEC / USD: Renewed Interest
Zcash is generating some buzz, but it's not enough.
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- Zcash has a bullish short-term trading bias, with the cryptocurrency still trading above its key 200-period moving average on the four-hour time frame
- The four-hour time frame shows that a bearish head and shoulders pattern has now formed
- The daily time frame is showing an extremely large inverted head and shoulders pattern
Fundamental Analysis
Zcash is likely growing in anticipation of the Zcon Annual Privacy Conference which will take place in Croatia on June 22-24, 2019. The event is organized by the Zcash Foundation and will encourage collaboration of privacy projects inside the Zcash ecosystem.
Zcash / USD Short-term price analysis
Zcash has a bullish short-term trading bias, with the ZEC / USD pair still holding price above its 200-period moving average on the four-hour time frame.
The four-hour time frame is showing that a head and shoulders pattern has now formed, with ZEC / USD bulls attempting to invalidate the bearish pattern.
Technical indicators across the four-hour time have turned bullish and are now generating a strong bullish signal.
ZEC / USD H4 Chart by TradingViewPattern Watch
Traders should note that the ZEC / USD pair is once again starting to create higher highs and lower lows on the four-hour time frame.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish and is currently issuing a strong buy signal.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish, with both the MACD signal line and histogram issuing strong buy signals.
Zcash / USD Medium-term price analysis
ZCash has a bullish medium-term trading outlook, with the ZEC / USD pair edging closer to major breakout resistance on the daily time frame.
The daily time frame is showing that the ZEC / USD pair is consolidating close to the neckline of a large inverted head and shoulders pattern with significant upside potential.
Technical indicators on the daily time frame are now attempting to stage a bullish recovery following a correction from overbought conditions.
ZEC / USD Daily Chart by TradingView
Pattern Watch
Traders should note that if the bullish inverted head and shoulders pattern is triggered on the daily time frame the ZEC / USD pair could rally towards levels not seen since August 2018.
Relative Strength Index
The RSI indicator has once again turned bullish on the daily time frame after briefly dipping towards neutral territory.
MACD Indicator
The MACD indicator is attempting to turn bullish on the daily frame as upside pressure returns.
Conclusion
Zcash is attempting to build upside momentum following a strong reversal from key technical support on the four-hour time frame.
If bulls can invalidate the bearish pattern on the four-hour time frame the cryptocurrency could see a wave of fresh buying interest, which could clear the path for a much-needed technical breakout on the daily time frame.
We published a quick coin guide to get started with the Zcash project.
On top of that, our analysts covered the project in depth in its Digital Asset Report.
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