$ZEC — Breakout or fakeout? 🤔
$ZEC is testing a major resistance zone around the previous highs after spending weeks consolidating underneath it.
Price pushed above the range and reached 888, but the key question is whether buyers can close and hold above the zone.
Right now, I would not call it a confirmed breakout yet.
A strong 4H close above resistance followed by a successful retest would give the breakout much more credibility.
If price gets rejected back into the range, this could turn into a classic liquidity sweep and fakeout.
This is the level to watch. The next few 4H candles should reveal who is really in control.
$ZEC is testing a major resistance zone around the previous highs after spending weeks consolidating underneath it.
Price pushed above the range and reached 888, but the key question is whether buyers can close and hold above the zone.
Right now, I would not call it a confirmed breakout yet.
A strong 4H close above resistance followed by a successful retest would give the breakout much more credibility.
If price gets rejected back into the range, this could turn into a classic liquidity sweep and fakeout.
This is the level to watch. The next few 4H candles should reveal who is really in control.
