ZEC up 75.5% this week. $846. Eight-year high.
Here's the number that should worry you more than the price chart excites you.
Futures volume: $4.55 billion. Spot volume: $553 million. That's not a rally built on people buying ZEC to hold it. That's leverage stacked on leverage.
$24.6 million in liquidations hit in one day last week. $23.6 million of that was shorts getting wrecked. One-sided flow like that means bears were badly positioned, not that demand is real.
Grayscale's ETF filing is genuine news. The DCG subsidiary talking about buying 200K ZEC is genuine news. But "perfect Bitcoin" narratives chasing an 8x leveraged futures market is exactly the kind of setup that rips 20% in an hour in either direction.
$ZEC
Are you buying the ETF story or are you buying the short squeeze after it already happened?
#ZECBreaksKeyResistanceUp75.5% #Zcash #CryptoAnalysis #TechnicalAnalysis #MA #MACD #BollingerBands #PriceAction #BearMarket
Here's the number that should worry you more than the price chart excites you.
Futures volume: $4.55 billion. Spot volume: $553 million. That's not a rally built on people buying ZEC to hold it. That's leverage stacked on leverage.
$24.6 million in liquidations hit in one day last week. $23.6 million of that was shorts getting wrecked. One-sided flow like that means bears were badly positioned, not that demand is real.
Grayscale's ETF filing is genuine news. The DCG subsidiary talking about buying 200K ZEC is genuine news. But "perfect Bitcoin" narratives chasing an 8x leveraged futures market is exactly the kind of setup that rips 20% in an hour in either direction.
$ZEC
Are you buying the ETF story or are you buying the short squeeze after it already happened?
#ZECBreaksKeyResistanceUp75.5% #Zcash #CryptoAnalysis #TechnicalAnalysis #MA #MACD #BollingerBands #PriceAction #BearMarket
