Concerning ZEC, the price is facing strong selling pressure in the $1,250–$1,270 zone. Analysts agree that if the price rebounds to that area, sellers are likely to re-enter with force.
The first major support is the 50-day EMA on the daily chart, around $1,185. If that level is lost, the next level is the low of the panic “wick” at $1,112, considered the “floor” of the correction.
If ZEC loses support at $1,185, the correction could extend toward $1,136 (a Fibonacci extension) and even into the $1,000–$1,100 zone. Another pattern observed on the 1-day chart is a “bearish pennant” that, if confirmed, could take the price to $986–$1,000 #zec
The first major support is the 50-day EMA on the daily chart, around $1,185. If that level is lost, the next level is the low of the panic “wick” at $1,112, considered the “floor” of the correction.
If ZEC loses support at $1,185, the correction could extend toward $1,136 (a Fibonacci extension) and even into the $1,000–$1,100 zone. Another pattern observed on the 1-day chart is a “bearish pennant” that, if confirmed, could take the price to $986–$1,000 #zec