【ZEC 4H】Whales are 10x long, but the funding rate is negative
Two whales have put $37.57 million into ZEC long positions. The best entry may actually be their cost basis.
At 23:05 Binance time, ZEC was trading at 1,328, up 9.6% over 24 hours, with $1.96 billion in futures trading volume.
① Structure: Price has just moved above the downtrend line, which is now around 1,290.
② Flows: According to Lookonchain, two whales opened 10x longs on Hyperliquid at an average price of about 1,261. But Binance's funding rate is -0.0058%—shorts are still adding to their positions.
③ Confluence: The 1,236–1,298 support zone overlaps with Fib 0.618 (1,257) and the trend line, conveniently covering the whales' cost basis.
My take: There's fuel for a short squeeze, but the current price is too close to the 1,338–1,397 resistance zone to chase.
Plan 1: If price pulls back to around 1,265 and holds, consider placing a small long position, with a stop at 1,228 and a first target of 1,385.
Plan 2: If price breaks below 1,228, admit the trade is wrong and wait to reassess near strong support around 1,195, with a stop at 1,165.
Invalidation: A 4H close below 1,228 would indicate that the 10x longs are starting to get flushed out. Don't try to catch the dip.
Can the whales' cost basis hold?
Sources: Lookonchain, CoinDesk
#Zcash #ZEC
📈 Top three futures gainers (23:05): $DOOD +141.62%｜$IRYS +67.85%｜$IOST +60.21%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.
Two whales have put $37.57 million into ZEC long positions. The best entry may actually be their cost basis.
At 23:05 Binance time, ZEC was trading at 1,328, up 9.6% over 24 hours, with $1.96 billion in futures trading volume.
① Structure: Price has just moved above the downtrend line, which is now around 1,290.
② Flows: According to Lookonchain, two whales opened 10x longs on Hyperliquid at an average price of about 1,261. But Binance's funding rate is -0.0058%—shorts are still adding to their positions.
③ Confluence: The 1,236–1,298 support zone overlaps with Fib 0.618 (1,257) and the trend line, conveniently covering the whales' cost basis.
My take: There's fuel for a short squeeze, but the current price is too close to the 1,338–1,397 resistance zone to chase.
Plan 1: If price pulls back to around 1,265 and holds, consider placing a small long position, with a stop at 1,228 and a first target of 1,385.
Plan 2: If price breaks below 1,228, admit the trade is wrong and wait to reassess near strong support around 1,195, with a stop at 1,165.
Invalidation: A 4H close below 1,228 would indicate that the 10x longs are starting to get flushed out. Don't try to catch the dip.
Can the whales' cost basis hold?
Sources: Lookonchain, CoinDesk
#Zcash #ZEC
📈 Top three futures gainers (23:05): $DOOD +141.62%｜$IRYS +67.85%｜$IOST +60.21%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.