I see some people below commenting that #ZEC will rise to 700 or even 1000. Today, I will objectively analyze ZEC's current situation from a purely technical perspective.

1. The current moving average system is in a bearish arrangement (MA7 below MA20, MA20 below the medium-term MA50), forming a bearish alignment, confirming that the medium-term downtrend still dominates. The current price rebound is between MA20 and MA50, which is a typical retracement within a downtrend. In the past two days, it has been repeatedly oscillating around 450-470 under the pressure of the medium- and long-term MA50, and whether it can break through further remains to be seen.
2. The MACD has formed a golden cross below the zero line, which is a typical rebound signal within a downtrend. The current weekly rebound is just a short-term exhaustion of downward momentum, not a sign of bullish strength, and the medium- and long-term bearish pattern has not changed.
3. Currently, the price has risen above the middle band of the Bollinger Bands at 425, but faces strong resistance at the upper band. Based on the current daily downward speed, next week the upper Bollinger Band will reach around 500, forming a strong resistance level. The 500-550 range is a key support zone that was broken previously and has now become a dense area of trapped positions. It will be very difficult to break through this dense trapped zone in the short term. The weekly rebound is very likely to reach this area and then top out, turning downward.
4. Recently, the rebound has been accompanied by continuous shrinking of trading volume, showing a typical divergence between volume and price in a no-volume rally. The upward movement lacks support from incremental funds, and is only driven by existing capital battles or short positions like mine increasing their holdings. The rebound is not solid, and without new funds entering, a reversal is hard to form.
#ZEC After plummeting from the 775 historical high, the long-term upward trend has been completely broken. The current weekly rebound is merely a technical correction after a bear market. Based on previous assessments of the market outlook for Bitcoin, $ZEC , unless there is a strong volume breakout and a firm hold above the 500-550 resistance zone, the market is likely to enter a new major downtrend after this weekly rebound ends. In terms of operation, there was no trading above 470 yesterday; continue to patiently hold and wait for the weekly rebound to end. This analysis is for reference only and does not constitute any investment advice.
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