Not gonna lie, $ZEC looks pretty weak on the 4H chart. That bounce attempt isn't convincing me yet.
Price is sitting around $910, still trading below MA(7), MA(25) and MA(99). And the structure keeps making lower highs and lower lows. Sellers are still controlling the trend.
The interesting part? Zec already dropped around 32% in 7 days. RSI is getting oversold, so a relief bounce is possible, but I wouldn't rush into a LONG here.
My plan on $ZEC (SHORT bias):
Entry around 930 - 950 on a weak retest
TPs: 900 / 880 / 855
Invalidation above 990
Support: 880
Resistance: 936 / 966 / 990
Honestly, if 880 breaks with strong selling volume, things could get ugly pretty quickly. But if buyers reclaim 966, bears might finally lose some control.
Would you short the next bounce or are you expecting $ZEC to recover from here?
#ZEC #Zcash #CryptoTrading #BinanceSquare
Price is sitting around $910, still trading below MA(7), MA(25) and MA(99). And the structure keeps making lower highs and lower lows. Sellers are still controlling the trend.
The interesting part? Zec already dropped around 32% in 7 days. RSI is getting oversold, so a relief bounce is possible, but I wouldn't rush into a LONG here.
My plan on $ZEC (SHORT bias):
Entry around 930 - 950 on a weak retest
TPs: 900 / 880 / 855
Invalidation above 990
Support: 880
Resistance: 936 / 966 / 990
Honestly, if 880 breaks with strong selling volume, things could get ugly pretty quickly. But if buyers reclaim 966, bears might finally lose some control.
Would you short the next bounce or are you expecting $ZEC to recover from here?
#ZEC #Zcash #CryptoTrading #BinanceSquare
