$ZEC Follow the long side direction; the key is whether it can hold above $540.

This recent upswing has been the same old routine: breakout, pullback, then a downward wick to sweep liquidity, and then it recovers and continues higher. The recent pullback is the deepest one yet—it directly hit the $520 swing pivot. Fortunately, buy-side demand came in right away. I think this sell-off looks more like a shakeout to grab liquidity rather than a broken structure.

As long as the larger timeframe closes can regain and hold this $540 level, the bullish structure is still intact; afterward, it may continue to test around $620.

Downside, focus on the $520 support. If it breaks below this level, the rebound thesis is gone and it could turn into bearish distribution. Pay attention to risk, and don’t go in with too much chasing.