BitForex Founder Garrett Jin Nets $13.5M Unrealized Profit on ZEC Short Amid Exchange Fraud Allegations
- Profitable ZEC Short: Garrett Jin has realized an unrealized profit of $13.5 million from a 3x leveraged short position on ZEC executed on Hyperliquid, reflecting a strategic move as ZEC's price dropped due to a bug in its privacy protocol, showcasing his successful strategy in high-risk trading.
- Bitcoin Long Losses: In contrast, Jin's 5x leveraged long position on Bitcoin is currently showing an unrealized loss exceeding $17 million, highlighting the inherent risks and volatility associated with leveraged trading in the cryptocurrency market.
- Background of BitForex Collapse: Jin's trading activities occur against the backdrop of BitForex's collapse and fraud allegations, as the exchange faces investigations from multiple regulatory bodies for allegedly misappropriating user funds, freezing withdrawal functions and impacting thousands of users.
- Advantages of Decentralized Exchanges: Despite the legal and reputational damage surrounding BitForex, Jin remains actively trading on Hyperliquid, leveraging the anonymity and asset seizure resistance offered by decentralized exchanges, demonstrating his ability to seek opportunities in an uncertain market.
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Technical Analysis for ZEC
Technical Sentiment Analysis for Zcash (ZEC). As of , Zcash (ZEC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 2 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ZEC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ZEC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Zcash (ZEC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -99.483 | 75.318 | 294.907 | 469.708 | 689.297 | 864.098 | 1083.687 |
| Fibonacci | 75.318 | 225.975 | 319.051 | 469.708 | 620.365 | 713.441 | 864.098 |
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