$ZEC - it's not dropping due to a new hack, but rather it's technically unloading an overheated chart, reacting to fundamental and psychological factors. The price has approached the critical resistance zone of $495.00 - $500.00, where the first major profit-taking and signs of buyer exhaustion are being recorded on the hourly timeframe.
Short $ZEC
Entry 495.00 - 502.00
Stop 515.50
Target - 460.00 - 435.00
Why short:
1. The asset won't be able to break through the round level without prolonged consolidation or a deep pullback.
2. RSI on the hourly chart has entered the extreme overbought zone, and a local bearish divergence is starting to form (price making new micro-highs while momentum is dropping).
3. The price is far from the 1h EMA50. A technical pullback to the mean indicates a need for correction of at least 6-8%.
4. Daily volume surged to $480 million. However, as we approach $495.00, vertical buying volumes have started to drop sharply. The main activity has shifted to Ask orders, indicating aggressive limit pressure from large sellers.
$ZEC
DYOR
#zec
Short $ZEC
Entry 495.00 - 502.00
Stop 515.50
Target - 460.00 - 435.00
Why short:
1. The asset won't be able to break through the round level without prolonged consolidation or a deep pullback.
2. RSI on the hourly chart has entered the extreme overbought zone, and a local bearish divergence is starting to form (price making new micro-highs while momentum is dropping).
3. The price is far from the 1h EMA50. A technical pullback to the mean indicates a need for correction of at least 6-8%.
4. Daily volume surged to $480 million. However, as we approach $495.00, vertical buying volumes have started to drop sharply. The main activity has shifted to Ask orders, indicating aggressive limit pressure from large sellers.
$ZEC
DYOR
#zec