ZEC being dumped? Currently weak market - opinions?
From what I can read from the charts, ZEC to BTC is indicating a weak market.
The volume is ridiculously high on the marked area (with text) which indicates there was a manipulation of the market (so called up thrust) where professional money dumped their holdings.
How can we see this? EXTREMELY HIGH VOLUME on NARROW SPREAD!!! With those volumes on green bars, the ZEC price should have flown up more than what it did. However it did not!, this indicates that there was plenty of ZEC being dumped for bitcoin!
The underlying market currently looks weak.
I have drawn out a [POTENTIAL buying area, but it should be of no surprise if the buy area breaks through and the prices fall even lower!
I would currently stay away from trading ZEC due to the lack of buy signals and lack of strength in the market.
If you have any questions or opinions, feel free to leave a comment.
If you agree leave a like :)
// Kingpersia
The volume is ridiculously high on the marked area (with text) which indicates there was a manipulation of the market (so called up thrust) where professional money dumped their holdings.
How can we see this? EXTREMELY HIGH VOLUME on NARROW SPREAD!!! With those volumes on green bars, the ZEC price should have flown up more than what it did. However it did not!, this indicates that there was plenty of ZEC being dumped for bitcoin!
The underlying market currently looks weak.
I have drawn out a [POTENTIAL buying area, but it should be of no surprise if the buy area breaks through and the prices fall even lower!
I would currently stay away from trading ZEC due to the lack of buy signals and lack of strength in the market.
If you have any questions or opinions, feel free to leave a comment.
If you agree leave a like :)
// Kingpersia