ZEC's surge last night looked pretty intense, but honestly, it had already pumped earlier and then consolidated at those highs for a while, with bulls and bears tugging back and forth. The candlesticks were all small bodies, and no one was willing to make a move lightly.

Then suddenly, some news spiked the price up like a flash, but it didn't last long; it couldn't hold and dropped back down, leaving a solid bearish candle. To put it simply, the bulls made a quick charge and then bailed, faced with heavy sell pressure and clearly lacking momentum.

Truth be told, this pump was all driven by sentiment, with no real cash backing it, making it tough for any sustainability. Now the price is back in the consolidation zone, and that upper high has turned into a short-term resistance level. Unless we see a volume breakout, it’s likely to retrace and continue grinding.