Crypto Technicals: ZEC/USD holds 5-DMA support, eyes 61.8% Fib at 106.13

ZEC/USD chart - Trading View

Exchange - Kraken

Support: 75 (21-EMA); Resistance: 106.13 (61.8% Fib)

Technical Analysis: Bias Bullish

ZEC/USD slips lower from new 6-month highs at 97.59 hit on Thursday's trade.

Price action is holding above immediate support at 5-DMA (82.82).

Technical indicators are biased higher. Price action is above cloud and major moving averages.

A 'Golden Cross' formation on the daily charts keeps scope for upside in the pair.

Volatility is rising as evidenced by expanding Bollinger Bands.

Next major bull target lies at 61.8% Fib at 106.13 ahead of 55W-EMA at 111.30.

Break below 5-DMA finds strong support at 75 (nearly converged 20-DMA and 21-EMA).

Bullish invalidation likely on break below 200-DMA.

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