Zcash: ⬇️ Sell
– Zcash reversed from resistance zone
– Likely to fall to support level 1400.00
Zcash cryptocurrency recently reversed down from the resistance zone between the resistance level 1700.00 and the upper resistance trendline of the daily up channel from August.
The downward reversal from this resistance zone stopped the earlier impulse wave (iii) and started the short-term corrective subwave (iv) – that belongs to higher impulse waves 5 and (C).
Given the bearish divergence and the overbought reading on RSI indicator, Zcash cryptocurrency can be expected to fall further toward the next support level 1400.00.