Horizen/Bitcoin (ZENBTC) Market Overview

Summary
• Price surged 19.8% over 24 hours, with key resistance forming near $0.00015115.
• Volume spiked 60% during midday rally, suggesting strong buying interest.
• RSI indicates overbought conditions, suggesting potential near-term pullback.

The Horizen/Bitcoin (ZENBTC) pair opened at $0.000136 on 2025-11-08 at 12:00 ET, surged to a 24-hour high of $0.00016656, and closed at $0.00016021 at 12:00 ET on 2025-11-09. Total volume reached 27,847.39 ZEN, with a notional turnover of approximately $4.49 million. The price action showed a bullish breakout above key resistance levels.

Key resistance levels now appear near $0.00015718 and $0.00016105, with support forming at $0.00015425 and $0.00014935. A notable Bullish Engulfing pattern emerged around 16:30 ET, confirming a short-term reversal in sentiment. Doji and narrow-range candles later in the session suggested consolidation.

On the 15-minute chart, the 20-period and 50-period moving averages were closely aligned as the price surged, indicating strong momentum. The 50-period moving average currently sits at $0.00014847, while the 100-period and 200-period moving averages lag behind, suggesting a potential for further upside. Bollinger Bands showed a moderate expansion during the midday rally, and price has pulled back into the upper band, indicating overbought conditions.

The RSI hit 68 by the end of the session, nearing overbought territory, and the MACD crossed above zero, signaling bullish momentum. However, a divergence between rising prices and slightly declining volume suggests caution for traders holding long positions. Price remains well within the upper half of the Bollinger Band, and Fibonacci retracement levels at 38.2% ($0.00015644) and 61.8% ($0.00015372) may act as pivot points in the near term.

The pair could test resistance at $0.00016260 in the next 24 hours, but a pullback to the 50-period MA or consolidation near $0.00015602 appears increasingly likely. Investors should monitor volume closely for signs of conviction or weakness in the next session.

The backtest hypothesis seeks to evaluate the effectiveness of Bullish Engulfing patterns as a signal for short-term entry into the ZENBTC pair, using a 3-day holding rule. Given that the data source could not locate the symbol for direct testing, confirmation on the correct exchange format (e.g., BINANCE:ZENBTC) or an alternative data source would enable a full backtest from 2022-01-01 to today. The recent 15-minute data shows one such pattern forming around 16:30 ET, aligning with the proposed strategy.