Crypto Technicals: ZCash extends weakness below 200-DMA, tests 78.6% Fib, bias bearish

ZEC/USD chart - Trading View 

Exchange - Kraken

Support: 55.85 (Apr 29 low); Resistance: 64.48 (5-DMA)

Technical Analysis: Bias Bearish

ZCash extends downside below 200-DMA, tests 78.6% Fib at 61.92.

ZEC/USD pair has broken strong trendline support at 65, hit 12-week lows at 60.87.

Momentum studies are highly bearish and volatility is rising. Scope for further downside.

Next major support lies at 55.85 (Apr 29 lows ahead of 53.95 (88.6% Fib).

Immediate resistance lies at 5-DMA at 64.48. Retrace above 200-DMA (69.03) negates near-term bearishness.