đ $ZEC : DID SOMEBODY FORGET TO TELL ZCASH THAT THE MARKET IS DUMPING?
$BTC has taken a serious beating, dragging much of the market down with it.
Yet #zec seems to be doing its own thing.
While sellers are celebrating across the market, ZEC keeps frustrating the bears.
Every time short sellers expect another breakdown, price finds a way to fight back.
Some Binance Square short positions have been suffering for quite some time. I imagine a few traders are beginning to question their relationship with ZEC. đ
But jokes aside, let's look at the price action.
WHAT I'M SEEING ON THE CHART:
1. Relative Strength
BTC has dropped from around $81,196 to a low of $75,208, breaking down through major support.
ZEC, meanwhile, has pushed above the $1,342 resistance and is currently trading around $1,363.
That's a notable difference in market behaviour. ZEC is showing relative strength while the broader market struggles.
2. The Battle Ahead
ZEC has already tested the $1,398 area but hasn't established a clean breakout above it.
That's the level I'm watching closely.
3. Possible Setups
đą Bullish scenario: If ZEC holds above $1,342 and buyers successfully reclaim $1,388â$1,398, we could see another bullish expansion towards $1,415 and beyond.
đŽ Bearish scenario: If price gets rejected around $1,388â$1,398 and loses $1,342, the breakout could turn into a liquidity trap, exposing lower levels.
MY TAKE:
I'm not rushing to short ZEC simply because the rest of the market is dumping.
At the same time, relative strength doesn't mean immunity from a market-wide sell-off.
I want to see whether buyers can defend the breakout and whether sellers can finally produce a meaningful bearish structure.
For now, ZEC appears to be giving short sellers a difficult assignment.
The market is bleeding. ZEC is negotiating. đ
Are we witnessing genuine relative strength, or is ZEC simply preparing its own trap?
Let's watch the next move.
$BTC
#JobsReportRaisesHikeOdds
#RiskManagement
$BTC has taken a serious beating, dragging much of the market down with it.
Yet #zec seems to be doing its own thing.
While sellers are celebrating across the market, ZEC keeps frustrating the bears.
Every time short sellers expect another breakdown, price finds a way to fight back.
Some Binance Square short positions have been suffering for quite some time. I imagine a few traders are beginning to question their relationship with ZEC. đ
But jokes aside, let's look at the price action.
WHAT I'M SEEING ON THE CHART:
1. Relative Strength
BTC has dropped from around $81,196 to a low of $75,208, breaking down through major support.
ZEC, meanwhile, has pushed above the $1,342 resistance and is currently trading around $1,363.
That's a notable difference in market behaviour. ZEC is showing relative strength while the broader market struggles.
2. The Battle Ahead
ZEC has already tested the $1,398 area but hasn't established a clean breakout above it.
That's the level I'm watching closely.
3. Possible Setups
đą Bullish scenario: If ZEC holds above $1,342 and buyers successfully reclaim $1,388â$1,398, we could see another bullish expansion towards $1,415 and beyond.
đŽ Bearish scenario: If price gets rejected around $1,388â$1,398 and loses $1,342, the breakout could turn into a liquidity trap, exposing lower levels.
MY TAKE:
I'm not rushing to short ZEC simply because the rest of the market is dumping.
At the same time, relative strength doesn't mean immunity from a market-wide sell-off.
I want to see whether buyers can defend the breakout and whether sellers can finally produce a meaningful bearish structure.
For now, ZEC appears to be giving short sellers a difficult assignment.
The market is bleeding. ZEC is negotiating. đ
Are we witnessing genuine relative strength, or is ZEC simply preparing its own trap?
Let's watch the next move.
$BTC
#JobsReportRaisesHikeOdds
#RiskManagement
