Liquidation Alert: $ZEN Short Position Liquidated
A $62.5K short position on #ZEN was liquidated at $30.30, suggesting a strong bullish move as bears failed to defend key resistance levels. This upward momentum could indicate further upside potential.
Key Levels to Watch:
Support: $29.50
This is the immediate level to monitor. A retest here could provide a solid entry point for bulls.
Resistance: $31.20
If $ZEN breaks above this level with strong volume, it may signal a continuation of the rally.
Suggestions for Traders:
1. If you're holding:
Stay in the trade as long as the price remains above $29.50.
Consider taking partial profits near $31.20 and trailing your stop-loss to lock in gains.
2. For new trades:
Buy: Look for pullbacks to the $29.50-$30.00 range for an optimal entry point.
Sell: If $31.20 fails to break, consider short-term profit-taking or cautious shorting with a tight stop-loss.
Risk Management:
Use stop-loss levels just below $29.50 if buying.
Watch for high volatility, as liquidations often trigger rapid price movements.
Stay focused and let the trend guide your strategy!
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