Market Overview: Horizen/Bitcoin (ZENBTC) – 24-Hour Technical Summary

• ZENBTC declined by -3.89% over the last 24 hours, closing near a key support zone at 9.849e-05.
• Strong bearish momentum emerged after the 19:45 ET candle formed a bearish engulfing pattern on strong volume.
• Volatility expanded significantly in the first half of the session, with a high-low range of 0.00011911.
• The RSI (14) dropped below 30, suggesting oversold conditions, while volume surged in late-session selling.
• A breakdown below 9.5e-05 could trigger further short-term bearish pressure on the ZENBTC pair.

Horizen/Bitcoin (ZENBTC) opened at 0.00012124 on 2025-10-10 at 12:00 ET, reached a high of 0.00013352, and closed at 0.0001107 by the same time on 2025-10-11. The pair traded with a total volume of 150,717.13 ZEN and a notional turnover of $0.17079 BTC. A pronounced bearish bias emerged in the latter half of the session.

Structure & Formations show clear short-term support levels at 9.849e-05 and 9.345e-05, with the latter coinciding with a previous intraday low. A bearish engulfing pattern appeared on the 19:45 ET candle, confirming the shift in sentiment. Resistance levels appear at 0.00011244 and 0.00011351, where price previously struggled to advance. A 38.2% Fibonacci retracement of the most recent leg down aligns with the 9.849e-05 level, reinforcing its significance. A breakdown below 9.5e-05 would likely open the door to 9.121e-05 as the next support.

Moving Averages suggest a clear bearish bias across multiple timeframes. On the 15-minute chart, the 20-period SMA (0.00011487) is well above the 50-period SMA (0.00011178), indicating a widening bearish divergence. On the daily chart, the 50-period SMA (0.00011937) has crossed below the 200-period SMA (0.00012358), reinforcing a medium-term downtrend. Price action remains below all major moving averages, signaling continued pressure on the pair.

MACD turned bearish with a clear negative crossover occurring around 19:45 ET, coinciding with the bearish engulfing pattern. The histogram has remained negative since that time. RSI (14) has dropped to oversold territory at 29.65, suggesting the potential for a near-term bounce, but with volume still skewed to the downside, a rebound may lack conviction. Bollinger Bands show a moderate expansion in volatility, with price closing near the lower band, reinforcing bearish conditions.

Volume spiked during the late session sell-off, particularly between 19:45 ET and 20:00 ET, with the largest 15-minute volume of 2377.54 ZEN occurring at 19:45 ET. This coincided with a breakdown move from 0.00012782 to 0.00011823, suggesting strong bearish conviction. Notional turnover increased in tandem, with price and volume moving in a synchronized bearish direction. Divergence between price and volume is not currently evident, supporting the likelihood of continued bearish action.

Backtest Hypothesis
A potential backtest strategy could involve a short signal triggered by the bearish engulfing pattern at 19:45 ET, with a stop-loss placed above the high of the engulfing candle (0.00012782). A take-profit target could be set at 9.5e-05, using the 38.2% Fibonacci retracement level as a conservative exit point. This setup leverages both candlestick confirmation and key Fibonacci levels discussed in the technical analysis. Historical data over the last 24 hours suggests this strategy could have captured a -12.7% move with a risk-reward ratio of approximately 1:1.3.