Horizen/Bitcoin (ZENBTC) Market Overview

• Price declined by ~1.3% over 24 hours, closing near the session low at 6.7e-05.
• Volatility expanded during early morning hours, with a sharp selloff below 6.7e-05.
• No clear bullish momentum was seen; RSI and MACD both signaled bearish bias.
• High volume during late ET hours confirmed bearish breakdown.
• A potential support level appears forming near 6.6e-05 based on recent bounces.

ZENBTC opened at 6.779e-05 on 2025-09-13 12:00 ET, with a high of 6.859e-05 and a low of 6.616e-05. The 24-hour session closed at 6.7e-05 on 2025-09-14 12:00 ET, with a total volume of 4,109.41 and turnover of $282,644.35. A bearish bias persists amid declining volatility and weak momentum.

Structure & Formations

The 24-hour chart shows a descending pattern with a key support forming around 6.6e-05. A bearish engulfing pattern was evident in the early morning hours following a breakout from the 6.7e-05 level. A potential double-bottom structure appears at 6.5e-05, which may act as a short-term floor. A doji near 6.7e-05 suggests indecision, but the price has yet to reclaim that level.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart are aligned bearishly, with price below both. On the daily chart, the 50-period MA sits above the 100- and 200-period MAs, forming a bearish divergence. The price appears to be drifting further from the 200-period MA, indicating increasing bearish momentum and possible continuation.

Backtest Hypothesis

A backtesting strategy focusing on bearish engulfing patterns and 50-period MA crossovers could provide early entry signals in this range. If the price continues below the 6.7e-05 threshold, a short bias may be validated. The setup would benefit from a trailing stop-loss placed above the 6.8e-05 level to capture directional movement while managing risk.

MACD & RSI

The MACD remains negative with bearish momentum, indicating a potential continuation of the downward trend. The RSI has entered the oversold range near 35, suggesting a possible short-term bounce. However, the lack of a strong bullish divergence implies that oversold conditions may not trigger a reversal. Traders should remain cautious and watch for a break above 6.7e-05 to signal a shift in sentiment.

Bollinger Bands

The price has remained below the 20-period Bollinger Band lower band for much of the session, with volatility expanding during the early morning sell-off. A contraction in band width occurred late in the session, potentially signaling a consolidation phase. The price’s position near the lower band suggests a high-probability continuation of the bearish trend in the near term.

Volume & Turnover

Volume spiked during the late ET hours, coinciding with the breakdown below 6.7e-05. The high turnover during that period confirmed the bearish move, indicating a significant number of sellers. Conversely, the morning session showed low volume and turnover despite the price range expansion, suggesting a lack of conviction in the upward direction. A divergence between price and volume could hint at a potential near-term reversal.

Fibonacci Retracements

Applying Fibonacci retracement to the 15-minute swing from 6.859e-05 to 6.616e-05, the 38.2% level is at 6.76e-05, while the 61.8% level is at 6.67e-05. On the daily chart, the key 61.8% retracement level of the prior uptrend is at 6.63e-05. A close below the 61.8% level may confirm a bearish continuation toward 6.5e-05.

The forward-looking bias for the next 24 hours favors further consolidation or a continuation of the bearish bias, particularly if the price holds below 6.7e-05. Traders should closely monitor the 6.6e-05 support and watch for a potential break below that level. A risk caveat is that a strong bullish reversal could emerge if the RSI breaks out of oversold territory with high volume.