#USJobsData In response to the ongoing trend of messages on social media, particularly the claim that ZEC will have a future price of between $700 - $1000. I will focus on an objective technical analysis of ZEC as of today.
1. Current moving-average analysis. Bearish composition. MA(7), moving average (7) is below MA(20). MA(20) is below MA("medium") MA(50) for the period of time referred to as "medium." Thus, this confirms (and signals) a medium-term downtrend remains predominant at this time. Currently, the recent price action was hitting the MA(20) and MA(50). Price behaviour that occurs under the context of the above suggests a pullback/downward trend. Within the last two days, price has been repeatedly "bouncing" or oscillating within this 450 - 470 zone; the potential or ability to go beyond this range is still unknown.
2. Forming below the zero-line in MACD, the golden cross indicates the potential to bounce within the downtrend. The current week has exhibited a bounce off of MACD, simply because of short-term "exhaust." At this time, the downtrend and bearish structure remains unchanged.
3. Price currently is above the middle band for the current daily Bollinger Bands, at 425; however, it may be facing a significant resistance at this time from the upper band. Having considered the current short-term motion to the downside, the situation for ZEC is too early; presently, a break above and through the Bollinger Band's upper band would indicate that current bullish strength exists.
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