The ETF documents gave ZEC a new buy order, so why was $665.3 still not held? Around 631, I moved my planned entry down to 620.
――― Direction: the catalyst is real; the location is just too expensive—wait for a pullback or for a new recovery of the prior high.
On August 20, Grayscale updated its Zcash ETF application documents. Related materials also show that DCG is discussing contributing 200,000 ZEC to the fund; based on the quotes at the time, the reporting estimates it at about $110 million.
That’s enough to heat up the privacy-coin narrative, but it doesn’t mean every price level is worth chasing. Of the past six completed 1h candles, the trading volume was about 2.02 times the average of the previous 24 candles—buyers haven’t backed off. However, as of 12:00 UTC, the latest candle opened at 657.15 and closed at 638.93, with a high of 665.3, and the RSI also reached 79.7. Volume is strong, and the short-term is similarly overextended.
My execution plan has two scenarios. After a move back to 620–625 where selling pressure eases, and then it’s reclaimed above 630, I’ll consider the first order. If it breaks below 602, the plan is invalid. If there’s no pullback, only a 1h close above 665.3 would trigger the second scenario. Until both conditions appear, 631 isn’t “cheap”—it’s only 5% below the high.
#ZcashETF #privacy coin