Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer.has been on a steady downtrend. It formed a peak at $210 in late March, but its higher timeframe market structure has been bearish since mid-April. At that time, the price fell below the $160 area, which had formerly been a support level. The price retested the same region as resistance later in April.
The Relative Strength Index confirmed a downtrend to be in progress in recent weeks. It was unable to cross the neutral 50 line and indicated strong downward momentum on the 12-hour chart.The aforementioned bounce from $69.5 to $116 was used to plot a set of Fibonacci retracement levels. ZEC has broken beneath each one of them, and in the past two weeks, has also retested $70 as resistance. In the past few days of trading, both the $70 and the $62.5 area were shown to be stiff resistance zones.
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