$ZEC has really put the shorts through a lot.
Right now the price is around $1,530. Yesterday it surged to above $1,585, and at one point during the session it nearly reached $1,590. Don’t be fooled by today’s pullback—looking at the past few days, ZEC is still very strong. From around $1,337 on September 16, it has climbed all the way to above $1,580, making a big move in just a few days.
At this kind of level, two extremes are most likely to happen: after it has risen so much, you can’t resist chasing the short side; but when you see a pullback, you worry about missing out and chase longs instead.
I’d rather focus on the rhythm than try to guess the top.
After several consecutive big bullish candles pushed it higher, the area around 1,530 has already entered a high-volatility zone. The 1,580–1,590 area above is a newly formed resistance zone. If it breaks out again with rising volume, it means the bulls are still in control; but if it repeatedly fails to break through and then loses recent support on a pullback, only then will short-term bears have room to act.
ZEC is not unshortable now, but you can’t just go all-in short simply because it has "risen too much." In high-level consolidation, watch price and volume; consider shorting only after an upside move loses momentum. If the pullback finds support and strength returns at lower levels, then follow the long side. This rhythm is much more comfortable than chasing candles.
Right now the price is around $1,530. Yesterday it surged to above $1,585, and at one point during the session it nearly reached $1,590. Don’t be fooled by today’s pullback—looking at the past few days, ZEC is still very strong. From around $1,337 on September 16, it has climbed all the way to above $1,580, making a big move in just a few days.
At this kind of level, two extremes are most likely to happen: after it has risen so much, you can’t resist chasing the short side; but when you see a pullback, you worry about missing out and chase longs instead.
I’d rather focus on the rhythm than try to guess the top.
After several consecutive big bullish candles pushed it higher, the area around 1,530 has already entered a high-volatility zone. The 1,580–1,590 area above is a newly formed resistance zone. If it breaks out again with rising volume, it means the bulls are still in control; but if it repeatedly fails to break through and then loses recent support on a pullback, only then will short-term bears have room to act.
ZEC is not unshortable now, but you can’t just go all-in short simply because it has "risen too much." In high-level consolidation, watch price and volume; consider shorting only after an upside move loses momentum. If the pullback finds support and strength returns at lower levels, then follow the long side. This rhythm is much more comfortable than chasing candles.