Technical Analysis - Horizen
ZEN/BTC - 03/05/2020
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As shown above, we will be updating the technical analysis of ZEN/BTC from the 11th of February in 2020.
Currently, ZEN is at a major resistance level while not showing too many signs of strength. We see a rather bearish market structure and signs of weakness. The most natural way here would still be a healthy retrace into previous resistance. How realistic that option is, we will explore below.
The MKAST Algorithm is clearly showing a bearish signal and condition. The TJ-Index is slowly grinding downwards, and the volume has not been at a significant level for months now. In hindsight, everything does indeed look very bearish, and most likely like it would retrace into the previous resistance in confluence with the Fibonacci key-level. Nevertheless, there is a different side to this. Even though the indicators are pointing downwards and the price and structure keep going upwards, we have a good chance of creating bullish divergences.
Moreover, the recent price action could be seen as a consolidation below resistance, which generally is a bullish sign. The rather low sell-volume on the small retraces is not indicating many sellers at this level either. All in all, ZEN should definitely stay on the watchlist and be ready for a trade, should it break the resistance above.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!