Yesterday, $ZEC was still wailing at 1075. After waking up, it was at 1226—up 11% in 24 hours, after touching 1254 intraday.
It’s rebounded 16 points from the low, and today’s single bullish candle reclaimed the entire 1185–1200 resistance zone that had held it down for days. The bearish structure that began with the drop from 1698 in late September has finally been broken for the first time.
There’s only one genuinely fresh piece of news: Grayscale’s ZEC ETF outflows have finally stopped, with small inflows on both 10-14 and 10-15. But the amounts were only a few million dollars—nothing compared with the tens of millions flowing in and out each day in September. My feeling is that this was mostly short sellers covering after yesterday’s plunge, with BTC’s recovery to 82,000 giving them confidence too.
It’s now just 4 points away from the 1285 support level I mentioned yesterday.
#ZEC #MarketAnalysis
It’s rebounded 16 points from the low, and today’s single bullish candle reclaimed the entire 1185–1200 resistance zone that had held it down for days. The bearish structure that began with the drop from 1698 in late September has finally been broken for the first time.
There’s only one genuinely fresh piece of news: Grayscale’s ZEC ETF outflows have finally stopped, with small inflows on both 10-14 and 10-15. But the amounts were only a few million dollars—nothing compared with the tens of millions flowing in and out each day in September. My feeling is that this was mostly short sellers covering after yesterday’s plunge, with BTC’s recovery to 82,000 giving them confidence too.
It’s now just 4 points away from the 1285 support level I mentioned yesterday.
#ZEC #MarketAnalysis