Yesterday, my analysis of ZEC mentioned: “It will be difficult to break above the highs in the 3 zone, so you could try opening a starter short position here.”
I did open a short position at the time,
and it is now in profit.
Let’s take another look at the reasoning behind this call:
1. On the fund-flow side, ETF-driven capital has consistently failed to pick up recently.
2. Technically, a head-and-shoulders pattern has formed on the lower time frame here, and the point shown in yesterday’s screenshot was also at a right shoulder.
3. After Bitcoin’s sharp drop on Friday, its rebound has been largely feeble.
4. In the broader market, gold and U.S. stocks are both in weak, continuing downtrends.
5. The catch-up decline thesis: Bitcoin’s sharp drop in this move has actually shown that ZEC is a very resilient asset. But, just like BTC, when the Nasdaq and semiconductor stocks plunged sharply on Thursday, Bitcoin also caught up with a decline on Friday. ZEC, however, barely fell and even recovered its earlier, smaller-scale losses. So if Bitcoin continues to follow U.S. stocks lower, ZEC could also see a very sharp catch-up decline.
Of course, if Bitcoin stages a powerful rebound from this level, that would be a different picture.
But purely from the perspective of ETF flows, they really haven’t picked up.
These are my personal analysis notes and do not constitute investment advice. DYOR.
#非农就业数据推升加息预期
$ZEC
I did open a short position at the time,
and it is now in profit.
Let’s take another look at the reasoning behind this call:
1. On the fund-flow side, ETF-driven capital has consistently failed to pick up recently.
2. Technically, a head-and-shoulders pattern has formed on the lower time frame here, and the point shown in yesterday’s screenshot was also at a right shoulder.
3. After Bitcoin’s sharp drop on Friday, its rebound has been largely feeble.
4. In the broader market, gold and U.S. stocks are both in weak, continuing downtrends.
5. The catch-up decline thesis: Bitcoin’s sharp drop in this move has actually shown that ZEC is a very resilient asset. But, just like BTC, when the Nasdaq and semiconductor stocks plunged sharply on Thursday, Bitcoin also caught up with a decline on Friday. ZEC, however, barely fell and even recovered its earlier, smaller-scale losses. So if Bitcoin continues to follow U.S. stocks lower, ZEC could also see a very sharp catch-up decline.
Of course, if Bitcoin stages a powerful rebound from this level, that would be a different picture.
But purely from the perspective of ETF flows, they really haven’t picked up.
These are my personal analysis notes and do not constitute investment advice. DYOR.
#非农就业数据推升加息预期
$ZEC
