ZEN / BTC technical analysis [BINANCE

in btc •  27 days ago 

ZEN / BTC technical analysis [BINANCE

ZEN seen from the temporality of 1W we can see how the price has taken a strong impulse after the double floor pattern formed in the 0.0003810, now the price is in weekly bid zone where it is encountering resistance during the series of the last 3 candles, however, the formed minima show no sign of retreat, so it could be possible that the price exceeds the bid zone, if so, we should see a continuation of the upward movement towards our first target earnings located within the price range of 0.0007774 – 0.0008965, indicated in the graph above by the two upper horizontal black color, if the price does not manage to surpass this zone soon and we form a lower minimum, we could see the retreat towards the weekly demand zone located at 0.0004704.

ZEN seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price has formed a bullish flag with increasingly higher minima, this we see indicated in the graph above by the purple rectangle, a break above the lower figure and the high range of the area of supply located at 0.0005933 and we could have a next bullish leg to the price range of 0.0007774 – 0.0008965.

In conclusion, ZEN has maintained an excellent uptrend with a series of bullish candles that signal a much larger next move, however, the price has failed to exceed the bid zone located within the price range of 0.0005405 – 0.0005933, so that the price could still have a brief reversal before continuing, otherwise, the bullish possibilities are increased, our profit targets can be seen in the 1W chart where I have also pointed out the larger figure through diagonals dark blue color, the price has moved within the figure giving 2 touches at the top, so we should have another test of resistance, therefore, I recommend to be very attentive to the price action in 1D, the key area to overcome are the 0.0005933, always remember to place your stop loss to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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