On June 27, the Zcash price reached a low of ₿0.0082. It began to increase and reached a high of ₿0.01 on two separate occasions — on June 28 and July 2, respectively. Since then, it has been decreasing. On July 15, it briefly reached lows below ₿0.007.
Zcash Price: Trends and Highlights for July 19
- ZEC/BTC is trading at an all-time low.
- There is a very significant bullish divergence developing in the RSI & MACD.
- The ZEC price is trading inside a short-term symmetrical triangle.
- There is support at ₿0.007.
Weekly ZEC Price Analysis
A look at the weekly time-frame shows that the ZEC price has fallen to an all-time low price.
Long-Term ZEC Price Support
A look at the daily time-frame shows that the ZEC price recently broke down from a significant support area.
The divergences are extremely significant and are present in both indicators.
However, the Zcash price is not following any pattern — so there are no support lines present which can initiate an upward move.
Therefore, while the ZEC price has shown a willingness to go higher, we do not have signs of a clear bottom yet.
The lack of a bottom is accentuated since the ZEC price has not yet made a higher low.
Symmetrical Triangle
In the short-term, however, the ZEC price has made a higher low and is possibly trading inside a symmetrical triangle.
However, the support line has only been touched twice — making it possible that the Zcash price will create a different trading pattern instead.
However, we can see that once the ZEC price reached values below ₿0.007, it immediately bounced back up.
This created a long lower wick, which is an indication that there is buying pressure on the market.
Therefore, we can consider the area between ₿0.0068-₿0.007 a support area.
If the ZEC price breaks down from the triangle, it is likely to provide support.
