$ZEC can I go short now?
$ZEC surged to $1513 today, then started to pull back, now around $1480. The previous two days it was around $1240. Yesterday’s high was $1492. Today it tried again to push to $1513. The two consecutive days of rallies have made the gains extremely stretched.
At this kind of level, chasing longs is quite uncomfortable. If you already hold long positions from a low level, you can consider gradually selling to lock in profits. If you still want to go long, it’s not suitable to chase a high like $1513—wait for a pullback, and then when buy orders reappear, consider taking it back.
For shorts, it’s not as simple as shorting the moment price starts to drop. Right now, the price is only pulling back from a high; the downtrend hasn’t fully turned yet. Going short with a heavy position here could easily get pushed back up.
A more comfortable trading rhythm is to wait for a rebound. If the rebound keeps getting weaker—if the price can’t get back above the high and keeps failing—then the shorts can start testing gradually. On the other hand, if after the pullback the buy-side quickly returns and it once again attacks the previous high, then don’t try to fight it head-on.
With ZEC’s volatility, the buy point is to wait for a pullback, the sell point is to wait for a push higher, and for shorts, consider entries only when rebounds at the high lack momentum.
$ZEC surged to $1513 today, then started to pull back, now around $1480. The previous two days it was around $1240. Yesterday’s high was $1492. Today it tried again to push to $1513. The two consecutive days of rallies have made the gains extremely stretched.
At this kind of level, chasing longs is quite uncomfortable. If you already hold long positions from a low level, you can consider gradually selling to lock in profits. If you still want to go long, it’s not suitable to chase a high like $1513—wait for a pullback, and then when buy orders reappear, consider taking it back.
For shorts, it’s not as simple as shorting the moment price starts to drop. Right now, the price is only pulling back from a high; the downtrend hasn’t fully turned yet. Going short with a heavy position here could easily get pushed back up.
A more comfortable trading rhythm is to wait for a rebound. If the rebound keeps getting weaker—if the price can’t get back above the high and keeps failing—then the shorts can start testing gradually. On the other hand, if after the pullback the buy-side quickly returns and it once again attacks the previous high, then don’t try to fight it head-on.
With ZEC’s volatility, the buy point is to wait for a pullback, the sell point is to wait for a push higher, and for shorts, consider entries only when rebounds at the high lack momentum.