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ZEC has recently formed an arc top pattern on a lower time frame, which is often seen as a bearish signal. In the current market environment, this is a key short position in my hedging portfolio.
However, it still depends on two critical support levels: one is the trend line of the second cycle, and the other is the marked support zone. As long as these two defenses hold, there is still a chance for a rebound.
Looking back at the past month's movement, traders who entered long positions from that low point performed well—30-50% gains are quite substantial. But the current pattern has weakened, and how it will develop next depends on whether these key levels can hold.