ZBCN looking very clean here. After breaking out of the range, price has retraced roughly 70% back toward the range tops. Despite the heavy bearish sentiment across crypto, the chart structure is telling a different story.
The pullback shows declining volume with overlapping price action, a classic sign of buyers quietly absorbing supply. In the week ending 23 November, price drove sharply into a key support zone before closing back inside the range. The weekly candle printed a bullish hammer on elevated volume, signaling potential strength.
Yes, further downside is always possible if sellers return with conviction, but right now the setup is constructive.
Trade Scenario
• Entry: Position can be initiated here.
• Stop Loss (SL): Use the hammer candle low as invalidation.
• If that level fails, look for the next major support highlighted on the chart.
• Take Profit (TP):
• First target: range tops.
• Trail SL as price moves, aiming for a full 100% range extension.
Reminder: No setup is guaranteed. Risk management is non‑negotiable. Protect capital first, profits second.
The pullback shows declining volume with overlapping price action, a classic sign of buyers quietly absorbing supply. In the week ending 23 November, price drove sharply into a key support zone before closing back inside the range. The weekly candle printed a bullish hammer on elevated volume, signaling potential strength.
Yes, further downside is always possible if sellers return with conviction, but right now the setup is constructive.
Trade Scenario
• Entry: Position can be initiated here.
• Stop Loss (SL): Use the hammer candle low as invalidation.
• If that level fails, look for the next major support highlighted on the chart.
• Take Profit (TP):
• First target: range tops.
• Trail SL as price moves, aiming for a full 100% range extension.
Reminder: No setup is guaranteed. Risk management is non‑negotiable. Protect capital first, profits second.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.