Zcash technical analysis: ZEC/USD bears take control of the market following Tuesday’s price spike

ZEC/USD daily chart

• ZEC/USD price fell from $85 to $82.10 this Wednesday.
• The bears have control of the market following a bullish Tuesday the price spiked from $76.36 to $85.25.
• The price is charting above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
• The relative strength index (RSI) indicator has dipped from 69.69 to 63.36.

ZEC/USD 4-hour chart

• The 4-hour price is trending above the red cloud of the Ichimoku indicator.
• The Ichimoku indicator shows that the future market sentiment is bearish.
• The bears breached past the $85 support level.
• The moving average convergence/divergence (MACD) indicator shows that the signal line is looking to converge with the MACD line indicating decreasing bullish momentum.
• The relative strength index has crept out of the overbought zone.

ZEC/USD hourly chart

• The second last session in the hourly chart has breached past the lower curve of the 20-day Bollinger band, showing that the price is undervalued.
• The latest session shows that the bulls are looking to correct the price and have found support on the $81.55 level.
• The widening of the Bollinger jaw indicates increasing market volatility.
• The Elliot oscillator shows 16 consecutive bearish sessions.