Technical Analysis - Horizen
ZEN/BTC - 04/01/2020

 

Transparency Disclaimer: 

This Technical Analysis was brought to you by DueDEX

DueDEX, registered in Belize, is a fair crypto derivatives trading platform that offers unique trading tools. The DueDEX Risk Manager ™️ is a powerful tool that allows you to easily set stop-loss, take-profit and account risk with a slider. The product is unique as the first-of-the-kind offering a comprehensive "DueDEX Risk Management" suite. It is well-designed for both professional traders and those new to margin trading.

As shown above, we will be updating the ZEN/BTC Technical Analysis Update from the 3rd of March. 

 

Overview: 

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. 

 

Update: 

 

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!



DISCLAIMER

The content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by Upblock or any third party service provider to buy or sell any cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on). Trading and investing in cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrencies, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of offering will not guarantee a return on your investment. Since

 

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.