A +24% day for Zcash on over half a billion in volume.
The move pushed the RSI to 75 as it wicked up to the 24-hour high of 857.63. Price is now extended well above its short-term moving average.
While the market gets distracted by CFTC headlines, this looks like a classic momentum chase hitting exhaustion. A move this vertical is difficult to sustain. The desk's read is that this strength is an opportunity to fade, not chase.
Is this a real breakout, or are late longs providing the exit liquidity?
$ZEC
The move pushed the RSI to 75 as it wicked up to the 24-hour high of 857.63. Price is now extended well above its short-term moving average.
While the market gets distracted by CFTC headlines, this looks like a classic momentum chase hitting exhaustion. A move this vertical is difficult to sustain. The desk's read is that this strength is an opportunity to fade, not chase.
Is this a real breakout, or are late longs providing the exit liquidity?
$ZEC