New on BYDFi: $ZK.USDT perp, ZKsync, the Ethereum zk rollup token, up to 75x: Faded from 0.01227 to 0.011994

BYDFi ZK perp notes, official BYDFi contract data around 6:25 PM ET Oct 27:

What it is: USDT-margined perpetual on ZKsync (ZK), the token of the ZKsync Ethereum layer-2 zk rollup. Live on BYDFi since 6:00 AM ET Oct 27, up to 75x, taker 0.06% and maker 0.02%.

Live stats: last 0.012014, index 0.012044, 24h 0.011966 to 0.01227 (-1.5%), turnover about 570K USDT. Open interest about 3.44M ZK (about 41K USDT). Funding +0.005%, so longs are paying.

Market structure (15m): it topped at 0.01227 around midday, then made a steady lower-high staircase down to 0.011994. Price is under the MA10 and MA30, which slope down near 0.01206 to 0.01214.

Bias: SHORT bounces into 0.01212, targets 0.012 then 0.01197. Invalidation: 15m close above 0.01222.

Key levels: 0.01227 / 0.01222 / 0.01212 / 0.012 / 0.01197

Risk: very small OI, so spreads and wicks can be sharp. ZK also has ongoing token unlocks. Keep leverage modest.

Not financial advice.

Bias: SHORT bounces into 0.01212.