Technical Analysis - Horizen
ZEN/BTC - 02/11/2020
As shown in the chart above, we will be updating the technical analysis of ZEN/BTC from the 9th of January.
Looking at the current ZEN 3D structure, we have a very interesting PA right now. This seems to be one of the rare cases where we could be seeing an actually valid Cup and Handle formation. The volume is quite low on the new local levels, and with many altcoins breaking to the upside lately, this might be a perfect midterm idea.
Looking at the MKAST Algorithm, we are still in a sell-position, yet this one has lasted for a long time and is due for a reversal. Taking this into account and then looking at the possible Cup and Handle pattern above, there is a good chance that this rather complex and rare pattern might work out. Locally, we do see a bull-flag forming, which is ideally in a parallel channel currently while not having any significant volume. This bull-flag/retrace following textbooks should not exceed the 50% Fibonacci retrace, which presently seems to be the case. Also, the most anticipated area for a bullish continuation is the 38.2% retrace level, which has not even been reached yet. Besides, the TJ-Index is quite low and is slowly turning to the upside by not making any new lows. An experienced trader would either look for trade between the 38.2% and the 50% retrace levels or trade the breakout of the local bull-flag.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
Any opinions, news, research, analyses, prices, or additional information contained on this website is provided as general market commentary and does not constitute investment advice. Upblock will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. All opinions expressed on this Site are owned by the respective writer and should never be considered as advice in any form.