$ZEC saw 63,000 contracts actively sold in one day, yet open interest increased by 21,000 contracts. That means shorts were entering, not longs exiting.
In the 4-hour candle at midnight, aggressive sell orders outnumbered buy orders by 15.8%. Net selling in that single candle was more than three times the net buying over the previous four days.
It fell from 1254 to 1133, nearly 10%. $BTC fell only 2% over the same period. Nobody has capitulated.
Support is at 1097.22, the low of the October 17 daily candle.
If it breaks below 1097.22, positions entered in October will mostly be in unrealized losses. That’s when the real selling pressure begins—and there’s practically no one below to catch it. It needs to get back above 1161.45 to erase this long red candle.
I can’t tell whether this is hedging or new short positions. Open interest is actually up 5%, while notional value is down 4%—the two figures are at odds.
Watch 1097.22. Don’t chase the short.
Are you long or short on $ZEC ?
Source: https://fapi.binance.com/futures/data/takerlongshortRatio?symbol=ZECUSDT\u0026period=4h
In the 4-hour candle at midnight, aggressive sell orders outnumbered buy orders by 15.8%. Net selling in that single candle was more than three times the net buying over the previous four days.
It fell from 1254 to 1133, nearly 10%. $BTC fell only 2% over the same period. Nobody has capitulated.
Support is at 1097.22, the low of the October 17 daily candle.
If it breaks below 1097.22, positions entered in October will mostly be in unrealized losses. That’s when the real selling pressure begins—and there’s practically no one below to catch it. It needs to get back above 1161.45 to erase this long red candle.
I can’t tell whether this is hedging or new short positions. Open interest is actually up 5%, while notional value is down 4%—the two figures are at odds.
Watch 1097.22. Don’t chase the short.
Are you long or short on $ZEC ?
Source: https://fapi.binance.com/futures/data/takerlongshortRatio?symbol=ZECUSDT\u0026period=4h
