$ZEC rebound high keeps falling; it looks like the bottom is forming, but actually it’s a bull trap. Will you go short?
$ZEC - Short
Trading Plan:
Entry: 515 - 520
Stop Loss (SL): 530
Target 1 (TP1): 501
Target 2 (TP2): 485
Target 3 (TP3): 460
Why go short?
After hitting and striking the recent high, the price clearly got rejected and is now facing a key support test near the Bollinger Band midline (501). However, the MACD indicator’s rebound strength is weak while below the zero line, and upside momentum isn’t keeping up. The area around 530 has become a strong resistance zone in the short term. As long as price can’t effectively break above and hold that level with sufficient volume, this kind of rejection-and-pullback pattern is very likely to trigger a deeper correction toward the midline and even the lower band. Going short in line with the trend offers a relatively favorable risk-reward ratio.
Click here to trade 👇
$ZEC - Short
Trading Plan:
Entry: 515 - 520
Stop Loss (SL): 530
Target 1 (TP1): 501
Target 2 (TP2): 485
Target 3 (TP3): 460
Why go short?
After hitting and striking the recent high, the price clearly got rejected and is now facing a key support test near the Bollinger Band midline (501). However, the MACD indicator’s rebound strength is weak while below the zero line, and upside momentum isn’t keeping up. The area around 530 has become a strong resistance zone in the short term. As long as price can’t effectively break above and hold that level with sufficient volume, this kind of rejection-and-pullback pattern is very likely to trigger a deeper correction toward the midline and even the lower band. Going short in line with the trend offers a relatively favorable risk-reward ratio.
Click here to trade 👇