$ZEC broke below the lower bound of the last 20 5m candles’ range on elevated volume over 15 minutes. Volume was 1.92x and the aggressive trade delta was -9.9%—the selling pressure is real. But what’s interesting is that 15m OI is still slightly up, +0.06%. Price down and OI up looks more like new shorts entering than a long liquidation cascade. Notional change ranks #7 across the whole pool, but the anomaly percentile is only 25.8%, suggesting participation in this move hasn’t reached extreme levels of crowding. 24h trading volume is 1.3 billion, so liquidity isn’t lacking. First, let’s see whether price can reclaim the lower bound of this range. If it can’t, wait for the next leg as shorts add to their positions.