Tonight's ZEC market trend has me sweating as I watch the charts. On one side, the 'number one ZEC short seller' is frantically replenishing after suffering heavy losses, while on the other side, the pressure point on the candlestick chart is targeting 700. The battle between bulls and bears is about to erupt! As a veteran who has been navigating the crypto world for 6 years, I must give you an in-depth analysis today. After reading this, you will avoid taking detours for six months.
News:
This morning, I came across on-chain data: ZEC's largest short position is completely panicking! Just 7 hours ago, they replenished 4 million USDC and have thrown down 36.81 million USD in margin over the past 24 hours. Despite this, they still can't hold on, and now with a short position of 34.09 million, they've already lost 18.04 million! At the highest point, the floating loss exceeded 20 million, but the liquidation price is hanging at 1312 USD.
It's like betting that ZEC will crash, but the price hasn't dropped and has risen instead; now he is bleeding every second. More critically: the more the shorts lose, the more they cover, indicating that their determination to bet on a market drop hasn’t changed, but their bullets are running low! Once ZEC rises again, he will either have to admit defeat and close positions or face forced liquidation; either way, it adds 'fuel to the fire' for the coin price.
Technical analysis: 615 is the starting point? 660 is the threshold, 710 is the life-and-death line!
Looking at the one-hour K-line chart, the current price is 615.07. Although the MACD white line has turned down, it is still above the zero axis; the golden cross trend has not broken, which is a typical 'continuation signal' for an upward trend. There may be a short-term pullback, but the overall direction has not turned bearish.
Focus on key levels:
First support at 590: It was tested multiple times last week without breaking, it is the last defense line for bulls;
Key level at 660: Currently stuck here, like a 'threshold.' Breaking it indicates complete bullish control of the market;
Rebound pressure at 710: If we get over this hurdle, the short liquidation wave may be ignited; the next wave to 775 high pressure is not a dream.
The current question: Is 615 the starting point that just kicked off, or will it fall back to 590? I tend to believe that the news of huge losses for shorts covering margin itself is bullish. Plus, the MACD hasn’t formed a dead cross; tonight it’s likely to oscillate upward, testing 660 first, and then pushing to 710.
Operational advice:
1. For those already holding: hold if it doesn't break 660, reduce holdings if it does!
If you have positions now, focus on 660. This is the dividing line between bullish and bearish. If it stabilizes at 660, it indicates strong bullishness; hold tight for the push to 710; if it breaks below 660, don’t hesitate, reduce holdings by 30%, and wait to buy back at the 590 support level.
2. For those who want to catch up: buy in batches between 660-710, don’t go all in at once!
In this wave of market, 70% of people will miss out or be trapped!
Remember: The crypto market lacks opportunities, what it lacks is the mindset of 'When others are greedy, I am calm; when others are fearful, I layout.'
Tonight I will watch the market until 12 o'clock. If ZEC stabilizes at 660, those who want to keep up with the rhythm should quickly follow and add to favorites so as not to get lost! The next article will teach you 'How to use on-chain data to detect short liquidation signals in advance.' This trick helped me earn three times last year. Follow Jin Min, only sharing practical content, no fluff! Pay less tuition and earn more cognitive money!
