$ZEC / Zcash
Massive sweep of liquidity at our upside target of ~$480, followed immediately by a flush to clear out late longs.
Heavy leverage on both sides of the book has now been wiped out in the last 12 hours.
You can clearly see the dense cluster of longs that stacked up in the $430 - $440 region over the last few days which were the magnet on the flush.
Initial bullish retest at ~$440 failed to hold, and price now sitting on the critical line of trend support at $420. This setup is almost identical to the prior liquidity sweep we saw at $390.
To imitate that sweep and recovery to new highs, price needs to hold the floor here to preserve chart structure. If $420 is lost, we are likely looking at a deeper flush into the density below.
ZECUSDT
Perp
436.62
-5.27%