Bitcoin Cash remained between the $ 450 and $ 520 zones as neither buyers nor sellers could claim their dominance in the market. Zcash, on the other hand, faced a short-term decline as it headed towards the $ 100 support zone.
Bitcoin Cash (BCH) price analysis
The Fibonacci retracement levels were marked for a bullish move from $ 266 to $ 629. BCH was rejected from the $ 514 23.6% retracement level near the $ 504 resistance level, making it an important supply zone.
The RSI fluctuated around the neutral 50 level, while BCH remained between the $ 520 and $ 450 levels last week. This pointed to some instability in the market and marked them as short-term interests.
Unless sellers firmly push the price below $ 450, BCH can be expected to eventually resume its previous uptrend.
Zcash (ZEC) price analysis
The ZEC recently hit a local peak at $ 120 and has been slowly pushing down since then. The MACD also showed a short-term bearish momentum.
ZEC pulled back the 23.6% retracement level at $ 100 but failed to exceed $ 106 and is likely to retest $ 100 in the next few hours.
A close below this level could result in ZEC falling further to test $ 90, the 38.2% retracement level in the coming days. However, we can say that the long-term outlook for ZEC is positive.