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Zcash falls sharply as intensifying growth concerns weigh on the crypto market

<p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">Zcash sold off sharply yesterday alongside many other cryptocurrencies as growth concerns led to widespread risk aversion. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">The selling started late on Wednesday and then accelerated after The New York Times reported that the US and Israeli militaries had prepared detailed plans for potential strikes against Iran following the US midterm elections. The report also indicated that US was reinforcing its military presence in the region, with additional forces expected to be fully deployed by early November.</p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">The risk of another direct confrontation between the US and Iran, combined with growing concerns about economic growth and the Federal Reserve forced to keep a hawkish stance due to inflationary pressures, weighed heavily on the crypto market.  </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">Today's US Flash PMIs will likely be another major catalyst. Soft readings could intensify growth concerns and trigger another selloff in Zcash, while better-than-expected data could ease growth fears in the near-term and lead to a relief rally. However, this will likely be just a temporary recovery as the data would not change the bearish backdrop.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – DAILY TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the daily chart, we can see that <a href="https://www.tradingview.com/symbols/ZECUSD/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Zcash</a>trimmed most of the weekly gains yesterday amid the widespread risk aversion. If we get another pullback into the 1,031 support, we can expect the buyers to step in, with a defined risk below the level, to position for a rally into the 2,000 level. The sellers, on the other hand, will look for a break lower to increase the bearish bets into the 800.00 level next.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; line-height: normal; font-size: 15px;">On the 4 hour chart, we can see the price broke above the downward trendline and eventually rallied all the way up to the key 1,350 level before pulling back. If we get a recovery into the 1,350 level, we can expect the sellers to step in there, with a defined risk above the level, to position for a drop into the 1,031 support. The buyers, on the other hand will want to see the price breaking higher to increase the bullish bets into the 2,000 level next, with the 1,692 high as the first target.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">ZCASH TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME</p><p></p><p>On the 1 hour chart, we can see the price broke below the upward trendline that was defining the bullish momentum. The sellers piled in on the break to target a drop into the 1,031 level but the price started to consolidate near the trendline. If we get a break of the recent low around the 1,185 level, we can expect the sellers to increase the bearish bets into new lows. The buyers, on the other hand, will need the price to rise back above the trendline to start positioning for a recovery into the 1,350 resistance next. The red lines define the <a href="https://investinglive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">average daily range</a> for today.</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 104%; font-size: 15px;">UPCOMING CATALYSTS</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 103%; font-size: 15px;"><a href="https://investinglive.com/EconomicCalendar" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Today</a>we conclude the week with the US Flash PMIs.  </p> This article was written by Giuseppe Dellamotta at investinglive.com.

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