Crypto Technicals: ZCash extends weakness below 200-DMA, slips below $60 mark to hit 13-week low

ZEC/USD chart - Trading View 

Exchange - Kraken

Support: 53.95 (88.6% Fib); Resistance: 69.12 (200-DMA)

Technical Analysis: Bias Bearish

ZEC/USD was trading 3.72% lower on the day at 59.97 at 10:00 GMT, bias is bearish.

'Gravestone Doji' on previous day's candle shows selling pressure at highs, plummets prices.

GMMA indicator and the Parabolic SAR suggest extension of downtrend. Momentum studies are bearish.

The pair has slipped below 78.6% Fib and eyes next major support at 55.24 (May 9th lows) ahead of 88.6% Fib at 53.95.

5-DMA is immediate resistance at 62.76. Retrace above 200-DMA (69.12) negates near-term bearishness.