Technical Analysis - Horizen
ZEN/BTC - 01/09/2020
As shown in the chart above, we will be updating the technical analysis of ZEN/BTC from the 6th of December.
ZEN has remarkably carried on its uptrend and was with the break of the resistance we mentioned in the previous update, one of my main positions. Yet it is reaching a level where an experienced trader is reducing the risk and looking for possible re-entries.
ZEN has pushed way above the primary resistance without a real retrace or significant pull-back, which leaves with every day going forward the opportunity more and more to expect a pull-back into the area of a breakout. This so-called Support and Resistance Flip is an essential aspect for the analyzed pair. Not only it marks the 61.8% retrace line, but it also would give a good and strong set-up for a trend continuation, only speaking in favor of the project. The MKAST Algorithm has printed a Sell-Signal here, which is a combination of a high TJ-Index and a Sell-Volume increase on the lately candle that gives a clear bias confirmation. Nevertheless, it is needless to say that an absolute exit is not suggested in an uptrend, there is a minor chance almost not worth mentioning that ZEN will be reaching for 17000 which was the previous area of resistance.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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