Zcash, and many other cryptocurrencies, whipsawed today as the Democrats' victory in both the House and the Senate initially weighed on the crypto market before a strong rebound.I'm not entirely sure about the reasons behind the rebound, as the main implication of a Democratic Congress is greater fiscal restraint. It won't limit Trump's power to impose tariffs or continue the war with Iran.This should be a net negative for the growth outlook and, consequently, risk sentiment, unless the US-Iran war finally comes to an end.Zcash does, however, have a specific bullish catalyst in the form of the upcoming NU7 network upgrade, scheduled for tomorrow. The upgrade will reduce block times from 75 to 25 seconds, making transactions significantly faster and improving network efficiency. This could provide additional support for ZEC, although it doesn't change the broader macro picture and it might also be already priced in.The market might also be reacting to lower Treasury yields and a weaker US dollar, but this is mostly due to overcrowded positions getting unwound as the fiscal impulse becomes less favourable.Looking ahead, the focus will remain on US-Iran negotiations. A diplomatic breakthrough would be positive for Zcash through improving growth expectations and risk sentiment, while a successful network upgrade could provide an additional Zcash-specific catalyst. An escalation of the conflict, on the other hand, would likely trigger another selloff as growth concerns and safe-haven flows would weigh on risk assets. ZCASH TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Zcashis approaching a major resistance zone around the 1,380 level. If the price gets there, we can expect the sellers to step in, with a defined risk above the resistance, 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 1,692 level next.ZCASH TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, there’s not much we can glean from this timeframe given the choppy price action. The sellers will have a better risk to reward setup around the resistance, while the buyers will need a breakout to open the door for new highs.ZCASH TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor upward trendline defining the bullish momentum. If we get a pullback, we can expect the buyers to lean on the trendline, with a defined risk below it, to keep pushing into new highs. The sellers, on the other hand, will look for a break lower to increase the bearish bets into new lows. The red lines define the average daily range for today.UPCOMING CATALYSTSTodaywe have the US ADP and the US ISM Services PMI. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US NFP report and the University of Michigan Consumer sentiment survey. This article was written by Giuseppe Dellamotta at investinglive.com.