ZEN take profit opportunity due to BTC looking weak on 4H/1H
ZEN is in the $19.5 range atm and enjoying a nice run up. BTC however after several great green days is looking to start consolidating back down to establish a higher low on the daily to confirm a longer time frame up trend.
If you are up on ZEN, this could be a good time to take some profit. BTC on the 4H also has the potential to form a H/S pattern for the break down. The range for Bitcoin = $6828 to break bullish and $6450 to break bearish.
If you are up on ZEN, this could be a good time to take some profit. BTC on the 4H also has the potential to form a H/S pattern for the break down. The range for Bitcoin = $6828 to break bullish and $6450 to break bearish.
Comment:
Bitcoin (Left chart) on the 1Hr has the price getting rejected by the 50% mid range line between 6800 - 6450. Not a good sign IMHO for a bull break. However if Bitcoin maintains this support going into the weekend, the breakdown could be avoided.