The spot market is running, but ZEC is being pulled up—825, up 1.27% over four hours, and it’s back above two short-term moving averages. Unfortunately, this rebound is burning not real money.
Futures show an active buy order share of 58.4%, with a long/short ratio of 1.40. On-chain borrowed coins increased by 9.85% over the past 12 hours. The spot leveraged long/short ratio is 68x—everyone lifting the price is using leverage. On the spot side, net outflows in the past 3 hours are 225,000, and not a single one of the last 12 candlesticks has been red. Active sell orders are still pressing down on the buy orders.
What’s even more awkward is that while leverage lifts the price, total contract open interest shrank by 2.7% over the day. The four-hour verdict is “exhaustion,” and the direction is still DOWN. It’s still 7% away from the 7-day high of 888, yet it can’t break through. Borrowed gains can’t hold up real capital.
Bearish. Don’t go against the direction of spot’s exit. When to turn bullish: when the 3-hour spot net inflow turns positive, or when it rises with volume and breaks above 842, then breaks 871—real money comes back to take the bids, and I’ll change my mind. #zec $ZEC
Futures show an active buy order share of 58.4%, with a long/short ratio of 1.40. On-chain borrowed coins increased by 9.85% over the past 12 hours. The spot leveraged long/short ratio is 68x—everyone lifting the price is using leverage. On the spot side, net outflows in the past 3 hours are 225,000, and not a single one of the last 12 candlesticks has been red. Active sell orders are still pressing down on the buy orders.
What’s even more awkward is that while leverage lifts the price, total contract open interest shrank by 2.7% over the day. The four-hour verdict is “exhaustion,” and the direction is still DOWN. It’s still 7% away from the 7-day high of 888, yet it can’t break through. Borrowed gains can’t hold up real capital.
Bearish. Don’t go against the direction of spot’s exit. When to turn bullish: when the 3-hour spot net inflow turns positive, or when it rises with volume and breaks above 842, then breaks 871—real money comes back to take the bids, and I’ll change my mind. #zec $ZEC
