Is the golden cross a trap? $ZEC broke below 230, any rebound is a short opportunity, don't catch the bottom!
Crypto friends, don't be fooled by the golden cross yet!
ZEC's movement today looks like it might rebound—MACD just formed a golden cross, and the price is hovering around 222. But don't forget, the overall trend today is downward; this golden cross is just a technical correction in the downtrend, not a reversal signal.
Let's look at the technicals, that’s the key.
On the 1-hour candlestick chart, ZEC has effectively broken below the critical level of 223.52, now struggling around 222.32, in the lower boundary of the descending channel.
Although MACD formed a golden cross, take a closer look—DIF and DEA just stuck below the zero axis, and the histogram has just turned red, indicating a weak rebound golden cross in a bearish trend, not a trend reversal.
The low volume of 10.2K indicates that buyers are not daring to act. RSI is at 42.89, neutral to weak, with no strong bullish signal. This kind of golden cross is likely a trap for more buying, a brief bounce followed by continued decline.
Summary: The golden cross is a rebound, not a reversal; the bearish trend has not been broken.
Zhao Gongming's viewpoint is very clear:
At this position, I am bearish; any rebound is a short opportunity.
Don't be fooled by a golden cross; until the trend changes, any rebound is an opportunity to short. Trying to catch the bottom now is like reaching out to catch a flying knife.
Retail trading suggestion:
Any rebound is a short, look for opportunities to short in the range of 223-225, with the first target at 220 and the second target at 215; where to set the stop loss for maximum safety? Follow Zhao Gongming to find out!
Will this golden cross really pull the market up? What level is the safest to short on a rebound? These details, I only discuss with fans in the chat room. Follow Gongming and join Zhao Gongming's 聊天室, leading you to profits without getting lost! #BTC行情
