Welcome to this quick ZEN/USDT 12hour update analysis.
I have tried my best to bring the best possible outcome in this chart.
Hello Members, welcome to our ZEN/USDT quick update,
ZEN/USDT broke the upper trend line and retested already but in the current scenario, it's moving toward the upper trend line to retest again.
So it's another chance to take a position...
Today we have another good opportunity risk reward short entry, for this bearish market.
In this case I am looking at some anomalies(big pumps without a reason inside a bear market) and short them when I believe they are close to top/ATH
Type of entry : Short
Take profit level 1 : 37.5
Take profit level 2: 35
Stops loss : 44
The idea is the same as previous trades. We look for high volume with open interest divergence. ZEN has rallied with a decent volume, but O.I is not up to the mark. This suggests the recent rally was mostly short covering.
If we manage to close above 42.8 I'd close my short/ if the O.I catches up. Take profit is at 0.6 retracement of the current range.
Horizen is accumulating above 50MA and seems ready to push higher mid-term, probably after a last pull-back!
More information about that hybrid PoW (Proof Of Work) / PoS (Proof Of Stake) blockchain, also a Privacy coin on www.horizen.io
Current Price= 80.474
Buy Entry = 78.906 - 71.922
Take Profit= 94.360 | 123.937 | 166.552
Stop Loss= 60.198
The price has broken a downtrend creating HH and HL on LTF. We are slowly climbing inside an ascendinh channel. On HTF the trend is bullish. This is confirmed by the RSI, MACD and Ichimoku cloud. I am expecting correction so the price action can create a HL and a breakout and retest of the Supply zone afterwards. The traget is the next supply zone.
This is my first time trading ZEN/USDT.
Exit: Sign of Rejection at 77.318 or candle close
EMA50 is holding and in daily time frame it is a support area and confluence with 0.618 reverse fib. Also it created a higher lower which gave us a better risk reward ratio.
4 Hour Time Frame Analysis -
Entry - Current Price $120.53
Exit - $133
Stop Loss - $115.18
Leverage - 10 x
Risk to Reward - 3 to 1
After Breaking out of a big bull flag, Zen Has had further consolidation and formed a bullish falling wedge, which it has now broken out of and found support.
Zen is ready to start moving up again and I am long.
Nice 4 hour pin right...