In a long position, the 2.51 million-contract bar overhead is what scares me most.

Breaking it down: it climbed from 1321 to 1352.4, then closed at 1305.85.
Its shadow is still hanging overhead; it hasn’t faded.
In a short position, I’m worried that the 1271 level has held firm despite being hit three times.
Breaking it down further: 1270.93, 1272.07, 1275.01—each one higher than the last.
Bulls need to wait for 1330 to hold; bears need to wait for 1271 to break.
Those two levels are $59 apart, and neither has been reached first, so we’re stuck.
MA20 is 1302.18; the price is $14 above it, but that footing looks shaky.
For fifteen hours, it’s been grinding between 1271 and 1328, testing our patience.
$ZEC is now at 1316.31, up 5.30%, and $36 below the high.
I’m staying on the sidelines for this trade, waiting for it to choose either 1271 or 1330 on its own.
(Not investment advice; you are responsible for your own gains and losses)