Technical Analysis - Horizen
ZEN/BTC - 04/01/2020
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As shown above, we will be updating the ZEN/BTC Technical Analysis Update from the 3rd of March.
ZEN/BTC has taken a beautiful nose-dive since the last update. We were exploring that idea and had visible signs of such a move happening. We approached very quickly and without any stops the 61.8 Fibonacci Key-Level and are currently seeing a slightly bullish reaction at that level. Fortunately, this level is as well a previous Key-Level of resistance, and it would make a beautiful S/R flip at this point. Yet again, we need more confirmation and should not get caught up in dead cat bounces or “suckers rallies,” as we learned in the previous bear market.
The MKAST Algorithm is very convincingly on a sell-condition since the breakdown at resistance and most likely will remain so if the next 7-10 days should not continue the bullish bias. The TJ-Index is very flat at 1 point out of 15, which shows a clearly oversold condition, but without any surge above at least 5 points, there is no real reversal in sight. A little more comforting is the Volume which declining throughout the retrace and with it is indicative of a possible reversal since fewer and fewer sellers are stepping in at the current levels. An experienced trader would watch out for clear signs of strength, increase in buy-volume, and eventually a buy-condition of the MKAST Algorithm.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!