ZenCash was listed on Binance today which caused ZEN to explode in price and volume.
This was a synthetic breakout in my opinion, and I believe that ZEN will see a drop in price soon.
Here are a few reasons why I think ZEN will fall in value:
1. Bear Flag (illustrated on chart) has been broken
2. RSI has been moving in overbought area
3. Volume has decreased since breakout
4. BTC is dropping and this is one of the only coins in the top 100 that is up in value
**Trade at your own risk, I am not a professional trader or financial adviser**
This was a synthetic breakout in my opinion, and I believe that ZEN will see a drop in price soon.
Here are a few reasons why I think ZEN will fall in value:
1. Bear Flag (illustrated on chart) has been broken
2. RSI has been moving in overbought area
3. Volume has decreased since breakout
4. BTC is dropping and this is one of the only coins in the top 100 that is up in value
**Trade at your own risk, I am not a professional trader or financial adviser**
Comment:
Looks like ZEN continued its uptrend while I was creating this chart. We will watch for signs of Bear Flag confirmation. At this point, Bear Flag is not confirmed.
Comment:
Bear Flag looks like it was confirmed and downtrend has started, It looks like we have found some support around .618 Fib level
Comment:
I moved the fib levels around on my chart. Looks like support was found at .5 fib level. Waiting for further movement up or down
I moved the fib levels around on my chart. Looks like support was found at .5 fib level. Waiting for further movement up or down
Comment:
Here is a zoomed in view of .5 fib support area as well as descending triangle pattern.
Here is a zoomed in view of .5 fib support area as well as descending triangle pattern.
Comment:
changed descending triangle into a symmetrical triangle. Looks like we have broken upwards out of it.
changed descending triangle into a symmetrical triangle. Looks like we have broken upwards out of it.
Comment:
Comment:
.618 fib broken , created ascending triangle