【ZEC 4H】It fell 7% yesterday and bounced back today, but the brick overhead hasn’t been moved
$ZEC Binance spot was at 1,278 at 10:06, up 7.14% in 24 hours. Futures trading volume was 1.62 billion U, ranking seventh across the market.
So far, I haven’t found any new single catalyst for today’s move. The backdrop is still the same two earlier developments: on October 6, Winklevoss filed an S-1 for a spot ZEC ETF, and the NU7 mainnet activation height is scheduled to be finalized on October 20.
My take: the structure is bullish, but this isn’t a good spot to chase.
① Both 4H highs and lows are moving higher, with the trendline support around 1,126.
② The 1,337–1,425 area overhead is resistance, overlapping with Fib 0.382/0.5 and MA99 at 1,323—a triple confluence.
③ Futures trading volume is about 9 times spot volume. The funding rate of 0.005% is fairly neutral, and the rally is mainly being driven by leverage.
Plan 1 (primary): If price pulls back to the 1,100–1,136 support zone, consider placing a small long around 1,120, with a stop at 1,075, target 1 at 1,381, and target 2 at 1,482.
Plan 2 (backup): If price first pushes toward 1,380 on rising volume but stalls, consider testing a small short, with a stop at 1,440 and a target of 1,238.
Invalidation: A 4H close below 1,075 would break the uptrend structure, so exit the long at a loss. If price holds above 1,440 on strong volume, exit the short at a loss.
Before October 20, which do you think it will hit first: 1,380 or 1,120?
Sources: Crypto Times, CoinGape, Binance market data
$ZEC #ZEC #TechnicalAnalysis
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, not investment advice. DYOR.
$ZEC Binance spot was at 1,278 at 10:06, up 7.14% in 24 hours. Futures trading volume was 1.62 billion U, ranking seventh across the market.
So far, I haven’t found any new single catalyst for today’s move. The backdrop is still the same two earlier developments: on October 6, Winklevoss filed an S-1 for a spot ZEC ETF, and the NU7 mainnet activation height is scheduled to be finalized on October 20.
My take: the structure is bullish, but this isn’t a good spot to chase.
① Both 4H highs and lows are moving higher, with the trendline support around 1,126.
② The 1,337–1,425 area overhead is resistance, overlapping with Fib 0.382/0.5 and MA99 at 1,323—a triple confluence.
③ Futures trading volume is about 9 times spot volume. The funding rate of 0.005% is fairly neutral, and the rally is mainly being driven by leverage.
Plan 1 (primary): If price pulls back to the 1,100–1,136 support zone, consider placing a small long around 1,120, with a stop at 1,075, target 1 at 1,381, and target 2 at 1,482.
Plan 2 (backup): If price first pushes toward 1,380 on rising volume but stalls, consider testing a small short, with a stop at 1,440 and a target of 1,238.
Invalidation: A 4H close below 1,075 would break the uptrend structure, so exit the long at a loss. If price holds above 1,440 on strong volume, exit the short at a loss.
Before October 20, which do you think it will hit first: 1,380 or 1,120?
Sources: Crypto Times, CoinGape, Binance market data
$ZEC #ZEC #TechnicalAnalysis
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, not investment advice. DYOR.