ZEC this wave of market movement is really tough. After the developers' rumors of exit scams, the technicals didn't give any opportunities, truly a case of misfortune upon misfortune.

From the 1-hour chart, the Bollinger Bands are fully opened downward, with the price tightly hugging the lower band, a typical downward channel pattern. The middle band has now become a ceiling, barely touched.

The MACD is also not holding back—DIF and DEA lines are already dead-crossing below the zero line and are still diverging, indicating that the bearish momentum has not yet exhausted, and the downward force is still building. Although the volume is shrinking, considering the sudden fundamental shock, a panic sell-off with increased volume in the follow-up is almost inevitable.

In this situation, the fundamentals and technicals form a double resonance bearish pattern, making it hard to find reasons to go long in the short term. Market sentiment and indicators are aligned: there’s still more downside to explore.

The trading approach is as follows: wait for the rebound to weaken before entering short positions. If the rebound reaches the 393-395 area, try a small short position. Set the stop-loss above 401. The first target is around the previous low near 375; if broken, then look at 365-370.

This type of event-driven trend-following market must be traded with small positions, and stop-losses must be strictly enforced. Never think about bottom-fishing during major negative news; the risk is too high. The market’s panic emotions take time to release, so there’s no need to rush.