Today ZEC is making waves again, the price has dropped directly to 354 USD, many fans are asking me what to do. Don't worry, Bai Yue will clarify everything with the latest news and technical analysis!
First, let's look at the technical analysis
Open the 1-hour candlestick chart, ZEC is clearly in a bearish trend. The Bollinger Bands show the upper band at 409.23, the middle band at 340.16, and the current price at 354, struggling just around the middle band, but there is heavy resistance above. The first resistance is at 370.41, the second resistance is at 390.32, thinking of breaking through? Difficult! The MACD indicator also shows decreasing green bars, with the fast and slow lines crossing downwards, indicating that the bearish momentum is still present. Overall, the short-term market outlook is bearish, and it is likely to test lower levels.
But technical analysis is not everything; the news is the heavy bomb!
The SEC will hold a roundtable meeting on December 15, focusing on cryptocurrencies, financial oversight, and privacy, and has invited Zcash founder Zooko Wilcox. What does this meeting mean? The SEC's regulatory attitude towards cryptocurrencies is likely to become clearer! If regulation tightens, privacy coins like ZEC will be the first to suffer, and prices may worsen; but if positive news is released, such as recognition of privacy technology, then ZEC could soar. So, this will be a double-edged sword, and the market is currently watching.
Bai Yue's view: be cautious in the short term, wait for the meeting to conclude.
My view is, don't be scared by short-term fluctuations! The technical outlook is bearish, but the news could bring surprises. At the position of $354, entering now carries more risk than opportunity. The SEC meeting has not yet concluded, and the uncertainty of the news is too high; retail investors are most afraid of blindly following trends. Is there long-term potential for ZEC? It depends on the meeting results. If the regulatory direction becomes clearer, it might be an opportunity, but for now, we have to endure a bit more.
Regarding the current market situation, Bai Yue gives retail investors a few suggestions (operational advice is only half, find Bai Yue for detailed positions).
For those with short positions: you can hold and observe appropriately, but don't be greedy, don't add positions, set a stop-loss to prevent a market reversal.
For those looking to catch the bottom: hold off on long positions for now, wait for the SEC meeting results. Better to miss out than to make a mistake; $354 is not a solid bottom, be careful not to catch the market halfway up.
For those without positions: watch more and act less, pay attention to the meeting dynamics, and wait for the market to clarify before taking action.
What do you think of ZEC's recent trend? Will the SEC meeting become a turning point?
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