ZEC broke through the neckline with high volume yesterday. To be honest, this exceeded my previous expectations, and my judgment of the rebound height was also off. However, from the weekly chart perspective, I still maintain the original view—this is just a B-wave rebound (confirmed by three consecutive weeks of decreasing volume), and there is a high probability that a C-wave decline will follow. The breakout indeed adds more uncertainty. If you want to short, it's best to set the liquidation price above 800, and moving it to $1000 would be the safest.

To focus efforts on ZEC's market, I closed my position yesterday when XMR approached the breakeven point. This rebound started from a low of $300, reaching a high of $527, with a gain of 75%. But my three holdings combined have given back $60,000 in profit, experiencing another rollercoaster. Coupled with the three fluctuations during the previous top-building phase, the weekly chart now shows the fourth rollercoaster. Long-term holding is like this; the core is being tested repeatedly by volatility. As long as the overall direction isn't too far off, there's no need to overthink the intermediate fluctuations.

I placed an order in the $480-$520 range for 12,000U. Currently, my main position still has over 10,000U in unrealized profit, another position has shrunk to over 4,000U, and all USDC unrealized gains have been wiped out. During this rally, I added several tens of thousands of U in short positions, with a total position size around $250,000. Yesterday, I also added margin to control risk, setting the liquidation price around 800.

Market data shows that this rally has liquidated a large number of high-leverage shorts. According to smart money holdings, 85% of shorts are in loss. Only a few long-term shorts are still profitable. Funding rates have stabilized, indicating limited willingness for new shorts to enter after the breakout—either they were forcibly liquidated or they no longer dare to add positions. The next focus is whether ZEC can hold steady at the $500 level. There are still a lot of trapped orders above; if it cannot break $500 within the next three trading days and turns around, yesterday’s breakout was likely a false breakout. Operationally, I recommend being conservative: prioritize adding margin, be cautious when increasing positions, and closely watch whether the $500 support holds.