Market
Horizen (ZEN) is approaching July low after the crash
Horizen (ZEN) has broken out below a long-term pattern that has been forming since July. In order for the long-term uptrend to continue, ZEN needs to recover from the current price.
Day outlook
ZEN has been in an uptrend since July 20th and is trading on an ascending parallel channel. The pattern hit a high of $ 138.31 on November 26th. At the time, it looked like the token broke above the $ 120 resistance area.
However, the price fell shortly thereafter, again confirming the $ 120 area as resistance (red symbol).
More importantly, ZEN broke below the channel on December 4th, showing that the previous uptrend was over.
If the downtrend continues, the next area of support will be at USD 50 created by the July low.
Daily ZEN / USDT chart | Source: TradingView
Current movement
Trader @TradingTank sketched a ZEN chart indicating that the token could soon bounce off support and move further up.
The source: Twitter
Since the tweet, the token has fallen under support.
However, there is an interesting similarity between the previous drop that happened in September (highlighted) and the current drop.
If the token had bottomed out, the current drop would have been exactly 1.61 of the September drop, a very common ratio.
However, in order for this course to be maintained, it is important that ZEN does not make another low point.
ZEN / USDT 6-hour chart | Source: TradingView
Future movement
In order for the uptrend to continue, it is important that the price recover from current levels.
Otherwise the entire uptrend since July (highlighted) will be counted as a correction.
In this case, ZEN will drop and retest the July 20th low (red line) and possibly drop lower.
Daily ZEN / USDT chart | Source: TradingView
You can get the price of ZEN. see Here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
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Market
Horizen (ZEN) is approaching July low after the crash
Horizen (ZEN) has broken out below a long-term pattern that has been forming since July. In order for the long-term uptrend to continue, ZEN needs to recover from the current price.
Day outlook
ZEN has been in an uptrend since July 20th and is trading on an ascending parallel channel. The pattern hit a high of $ 138.31 on November 26th. At the time, it looked like the token broke above the $ 120 resistance area.
However, the price fell shortly thereafter, again confirming the $ 120 area as resistance (red symbol).
More importantly, ZEN broke below the channel on December 4th, showing that the previous uptrend was over.
If the downtrend continues, the next area of support will be at USD 50 created by the July low.
Daily ZEN / USDT chart | Source: TradingView
Current movement
Trader @TradingTank sketched a ZEN chart indicating that the token could soon bounce off support and move further up.
The source: Twitter
Since the tweet, the token has fallen under support.
However, there is an interesting similarity between the previous drop that happened in September (highlighted) and the current drop.
If the token had bottomed out, the current drop would have been exactly 1.61 of the September drop, a very common ratio.
However, in order for this course to be maintained, it is important that ZEN does not make another low point.
ZEN / USDT 6-hour chart | Source: TradingView
Future movement
In order for the uptrend to continue, it is important that the price recover from current levels.
Otherwise the entire uptrend since July (highlighted) will be counted as a correction.
In this case, ZEN will drop and retest the July 20th low (red line) and possibly drop lower.
Daily ZEN / USDT chart | Source: TradingView
You can get the price of ZEN. see Here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
