The tape leads: #ZEC was pushed back from 1050 after hitting it, and 15-minute MA20/MA50 are both pressing down on price. Spot bid depth is only 0.8x sell depth, active buying is down to just 6%, and the order book has killed the direction. Short 1007 directly, first target 932, if it breaks then look for 788, stop loss at 1050, risking 4% for more than 7% upside. On the derivatives side,喊 bouncing cannot save the market; active sell executions make up nearly 60%, and this rebound is a stepping stone for the bears.