Honestly, I usually take a look at data like the long/short ratio. Today, across all accounts, $ZEC it’s 1.32 (56.9% long / 43.1% short).
But I never use it on its own to place trades. It’s more like a weather forecast: it tells you whether it’s cold right now, but not what you should wear.
Do you usually use the long/short ratio as a reference?