Up 1.69%, but I’m not that excited. $ZEC is trading at 909.87, and the RSI is still at 30.6. Over the past 14 days, it reached a high of 1,398.1 and a low of 801.52. The current price is hovering near the bottom of that range.
Put simply: today’s gain looks more like a brief breather on the way up from the low, not a trend reversal. With the RSI hovering around 30, the previous drop was sharp and relentless. It’s definitely a bit oversold in the short term, but oversold doesn’t mean it’s done falling.
I’m leaning toward waiting for now. It’s not that I’m bearish on it; it’s just that if I chase it here, 1,398.1 is still a long way up, while 801.52 is close below. I wouldn’t sleep well holding it. But if it stabilizes and stops drifting toward 801.52, I’ll change my mind right away.
At this RSI level, would you wait for confirmation, or start with a small position?
$ZEC
#ZEC #Market Analysis
Put simply: today’s gain looks more like a brief breather on the way up from the low, not a trend reversal. With the RSI hovering around 30, the previous drop was sharp and relentless. It’s definitely a bit oversold in the short term, but oversold doesn’t mean it’s done falling.
I’m leaning toward waiting for now. It’s not that I’m bearish on it; it’s just that if I chase it here, 1,398.1 is still a long way up, while 801.52 is close below. I wouldn’t sleep well holding it. But if it stabilizes and stops drifting toward 801.52, I’ll change my mind right away.
At this RSI level, would you wait for confirmation, or start with a small position?
$ZEC
#ZEC #Market Analysis