$ZEC fell 30% in a week and plunged to 801 at one point yesterday. Today, it surged 3.4% in an hour, climbing back to 921. Shorts worth $920K were liquidated in an hour, while longs lost just $30K.
801 landed right in the support zone formed by the 0.618 retracement level and the 200-day moving average at 794. Yesterday's close was 863; today it's already at 919.
The question is: Is this the first leg of an oversold rebound, or a bull trap?
A 801 was the bottom—chase the oversold rebound
B It fizzles after an hour-long rally—get out first
$ZEC $BTC
#Zcash #比特币 #OversoldRebound
801 landed right in the support zone formed by the 0.618 retracement level and the 200-day moving average at 794. Yesterday's close was 863; today it's already at 919.
The question is: Is this the first leg of an oversold rebound, or a bull trap?
A 801 was the bottom—chase the oversold rebound
B It fizzles after an hour-long rally—get out first
$ZEC $BTC
#Zcash #比特币 #OversoldRebound