Market Overview for Horizen/Bitcoin (ZENBTC): 24-Hour Technical Insights

• ZENBTC consolidates in a tight range, with a 24-hour high of $0.00011585 and low of $0.00010804.
• A strong bearish move emerged in late ET hours, with a 0.76% decline in the last 4-hour window.
• Volume spiked to 1719.45 at 14:30 ET, but failed to sustain upward or downward momentum.
• RSI entered oversold territory, indicating a possible bounce, but volume divergence raises caution.
• Price tested a key support at $0.00010948, closing below it, which could trigger further downside.

ZENBTC opened at $0.00011055 on 2025-10-29 12:00 ET and closed at $0.00010804 on 2025-10-30 12:00 ET. The 24-hour range extended to $0.00011585 (high) and $0.00010804 (low), with a total volume of 7,237.81 ZEN and a notional turnover of $8.15 (based on BTC value). Price action showed a bearish bias, especially in the last 12 hours, with a sharp drop from $0.00011527 to $0.00010948.

Structure on the 15-minute chart shows a bearish continuation pattern, with price testing a key 61.8% Fibonacci support level at $0.00010948. A doji at $0.00011498 on 01:15 ET and a long bearish shadow on 18:45 ET indicate indecision and potential reversal. A key resistance at $0.0001145 and a support at $0.00011269 have been tested multiple times, with bearish bias prevailing in recent sessions.

The 20-period and 50-period moving averages on the 15-minute chart have both dipped below the price, reinforcing the downward momentum. MACD remains bearish with a negative histogram, and RSI crossed into oversold territory, suggesting a short-term bounce may be in play. Bollinger Bands have constricted in the last 6 hours, indicating potential for a breakout or breakdown.

Volume has spiked multiple times but failed to confirm any strong directional move. A divergence appears at 14:30 ET, where price fell sharply on a high-volume bar, but failed to break the 61.8% Fibonacci support. This could signal a continuation of the bearish trend or a consolidation phase. Investors should watch for a retest of $0.00010804 as a key near-term level.

The 50-period moving average on the daily chart appears to be a critical level to watch, as ZENBTC has closed below it for three consecutive days. Fibonacci retracements on the recent 15-minute swing (from $0.00011585 to $0.00010804) show key levels at $0.00011155 (38.2%) and $0.00011004 (61.8%). A break below $0.00010804 could trigger further short-term bearish momentum, while a close above $0.00011004 may suggest a retest of key resistances. Investors are advised to remain cautious due to the bearish divergence and low conviction in the current directional move.

Backtest Hypothesis

A potential backtesting strategy involves detecting the Morning-Star pattern on ZENBTC to identify bullish reversal signals, with a 5-day holding period. This pattern typically forms during downtrends and suggests a possible recovery phase. However, the current data source does not support ZENBTC for pattern detection, likely due to insufficient or unrecognized market data. To proceed, investors or analysts may need to confirm the exact exchange-qualified symbol (e.g., ZEN-USDT), provide a custom OHLCV dataset, or switch to a more widely supported asset. Once the data is valid, the backtest can run from 2022-01-01 to the present, evaluating the strategy’s performance across various market conditions.