The market has turned slightly bearish despite brief surge that was witnessed earlier this week. Bitcoin (BTC) price bounced from testing February lows and using the support at $6,400 it corrected to trade above $6,700 but the gains were limited below $6,800. The largest crypto is now trading an extended bullish flag pattern which has a support at $6,600.
There was a brief spike in the trading session Wednesday, but sellers entered limiting the gains below $6,770. BTC/USD opened the trading session today at approximately $6,760, but the intraday cap has been maintained below $6,780 for lack of momentum to recoil higher.
The Fibonacci levels show resistance to the upside, for instance, the 50% Fib with the last high leg at $7,277 and a low of $6,247 is a key hurdle towards the upper supply zone at $6,800. The bears have the control at the time of writing, besides the signals from the moving averages and the stochastic show the increase of selling activity in the near-term. The bullish trendline is offering immediate support above the key support area at $6,600. The demand zone at $6,400 is within reach, and BTC/USD still risks declining to test this level unless it breaks out above $6,800 to approach the target at $7,000.
Lisk (LSK) Price Analysis
This cryptocurrency has been trimming gains for over a week within the confines of a descending channel. LSK/USD is currently consolidating in a ranging channel supported at $5.96 and restricted at $6.88. The trend is bearish and the technical signals show that that the sellers will continue to have the influence in the medium term.
Lisk (LSK) price is trading $6.25 and supported weakly at $6.00. The descending trendline will also prevent further declines at $5.5. On the flipside, supply zone at $7.00 is also a key breakout point. Significantly, the target on the upside is at $8.00, while the moving averages will offer further resistance towards the critical level at $10.00.
Zcash (ZEC) Price Analysis
The bulls entered with force in recent surge from lows marginally above $180. Zcash (ZEC) price traded above the critical resistance at $200, although briefly. Sellers sort for equilibrium from the overbought levels slightly above $204. ZEC/USD decline briefly consolidating in a bearish flag pattern which was supported by the 61.8% Fib retracement level with the previous swing high of $204.1 and a $182 low.
Another breakdown occurred below the 50% Fibo but was supported by another retracement level at 38.2% marginally above $190. Zcash (ZEC) has broken the bullish flag pattern, but it is still embracing the support offered by the 38.2% Fib level. Then 50% Fibo, failed to hold the price during the recent declines, however, it is limiting the gains below $194. The ascending trendline, on the other hand, is also supporting the price which is trading at $190.0.
The stochastic on the 15-minutes chart is at 36% while pointing south. The gap between the 50 SMA and the longer term 200 SMA is beginning to widen indicating that the bears have the control. The contracting triangle is approaching a breakout in the medium term. If the price shakes off the bears above $196, ZEC/USD will have time to gather the strength to attack the zone at $200 and the critical resistance at $204. In the meantime, the Bulls must prevent declines below $190 otherwise, the crypto could test the demand at $180.