Funding is still positive, but $ZEC is hovering near 1068
Price at $1,089 (24h -12.98%)
Shorts have had the easiest ride today. The price hasn’t even managed a decent bounce, sliding all the way to 1088.79—less than 2% above the monthly low of 1068.
Anyone who chased longs above 1285 is now trapped, and spot holders are hurting too. Only those who didn’t join the reversal calls a couple of days ago are quietly enjoying this.
Both 4-hour moving averages are overhead, each lower than the last, while the daily moving averages are still well above price.
One analysis today said the market is heading toward a major local support level, where bulls and bears will have to face off.
That’s basically an admission that selling pressure hasn’t let up. Bulls are only willing to buy around 1068, and there’s no sign anyone is in a hurry to chase higher.
On October 13, ZEC had already plunged once along with NEAR. At the time, STX was the only one rising across the board, and three days later, the market still hasn’t recovered.
Funding is still positive, but barely. Longs haven’t paid much of a premium, there’s no sign anyone has placed a big bet, open interest is only average, and volume is flat. In this kind of market, any bounce is unlikely to last.
The 1068 level is crucial: the two-day low and the monthly low are both around here. If it breaks, the price could head for an even deeper hole.
1285 is the high from the past couple of days. There’s no point talking about a trend reversal until price gets above it on strong volume.
I’m bearish. Until price gets above 1285 on strong volume, I won’t consider any bounce a reversal.
I expect it to test 1068 first. If that level doesn’t hold, I’ll treat any bounce as fake.
#zec #加密货币
Price at $1,089 (24h -12.98%)
Shorts have had the easiest ride today. The price hasn’t even managed a decent bounce, sliding all the way to 1088.79—less than 2% above the monthly low of 1068.
Anyone who chased longs above 1285 is now trapped, and spot holders are hurting too. Only those who didn’t join the reversal calls a couple of days ago are quietly enjoying this.
Both 4-hour moving averages are overhead, each lower than the last, while the daily moving averages are still well above price.
One analysis today said the market is heading toward a major local support level, where bulls and bears will have to face off.
That’s basically an admission that selling pressure hasn’t let up. Bulls are only willing to buy around 1068, and there’s no sign anyone is in a hurry to chase higher.
On October 13, ZEC had already plunged once along with NEAR. At the time, STX was the only one rising across the board, and three days later, the market still hasn’t recovered.
Funding is still positive, but barely. Longs haven’t paid much of a premium, there’s no sign anyone has placed a big bet, open interest is only average, and volume is flat. In this kind of market, any bounce is unlikely to last.
The 1068 level is crucial: the two-day low and the monthly low are both around here. If it breaks, the price could head for an even deeper hole.
1285 is the high from the past couple of days. There’s no point talking about a trend reversal until price gets above it on strong volume.
I’m bearish. Until price gets above 1285 on strong volume, I won’t consider any bounce a reversal.
I expect it to test 1068 first. If that level doesn’t hold, I’ll treat any bounce as fake.
#zec #加密货币