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

• ZENBTC declined sharply overnight, closing 24.1% below its 16:00 ET open with a bearish trend confirmed by intraday volume.
• Momentum weakened after 19:45 ET as RSI (estimated visually) likely entered oversold territory around 0.000111.
• Volatility expanded in the early morning with a 0.00001784 range, driven by multiple waves of selling pressure.
• Volume distribution skewed to the upside breakouts, but failed to confirm follow-through, suggesting bearish control.

At 12:00 ET on 2025-10-13, Horizen/Bitcoin (ZENBTC) opened at 0.00012486, hit a high of 0.00013513, and closed at 0.00011262 after a 24-hour decline of 24.1%. Total volume across 15-minute OHLCV data reached 45,023.38 ZEN, while notional turnover amounted to 5.63 BTC (based on closing prices). Price action displayed bearish control as buyers failed to sustain above 0.00013060, a level breached twice during the early morning but abandoned by 06:00 ET.

Structure & Formations

A strong descending channel formed overnight from 0.00013513 to 0.00011322, suggesting bearish momentum. The price appears to be consolidating near a psychological level of 0.00011200, with 0.00011000 as a near-term support target. Notable bearish patterns include a hanging man candle at 01:15 ET and a bearish engulfing pattern at 06:15 ET. These formations, combined with a lack of follow-through buying above 0.00013001, indicate weakening bullish conviction.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs both trended downward, with the 50-period SMA currently at ~0.00011350. This suggests bearish momentum is entrenched in the short term. On the daily chart, ZENBTC is below all key moving averages (50, 100, and 200), with the 50-period SMA at ~0.00012500 acting as a strong resistance level that buyers have yet to reclaim.

MACD & RSI

The MACD histogram turned negative and remained below the signal line for the majority of the session, reinforcing bearish momentum. While RSI data could not be retrieved due to a technical issue, price and volume action suggest that RSI would have fallen into oversold territory (~30–40 levels) by 04:00–05:00 ET. A rebound above 0.00011500 would be required to confirm a potential reversal from oversold levels.

Bollinger Bands & Volatility

Volatility expanded sharply in the early hours as price traded within a range of 0.00012254 to 0.00012963 (Bollinger Band width: ~6.5%). The most recent contraction occurred between 19:45 ET and 23:45 ET, with the band narrowing by ~30%. Price tested the lower band multiple times in the final hours of the session, particularly between 09:45 ET and 11:15 ET, where it held above the lower boundary, indicating potential support at ~0.00011200.

Volume & Turnover

Volume spiked at 03:30 ET (1030.85 ZEN) and 13:45 ET (1925.76 ZEN), coinciding with price declines below key moving averages. Notional turnover showed divergence with price in the 08:00–09:00 ET window, where turnover rose (398.57 ZEN at 08:00 ET) while price fell, suggesting potential exhaustion. However, the divergence did not confirm a reversal as buyers failed to push above 0.00012300.

Fibonacci Retracements

On the 15-minute chart, the 61.8% Fibonacci retracement level of the 0.00013513 to 0.00012633 move sits at ~0.00012963, a level that has been tested twice without a break. On the daily chart, the 38.2% retracement level is at ~0.00012000, where the price consolidated for several hours. A sustained break below 0.00011060 would target the 61.8% level at ~0.00010800.

Backtest Hypothesis

Given the lack of real-time RSI data, a proxy-based backtest could be applied using price breakouts from key Fibonacci levels and support lines. A potential strategy might include entering long positions on a confirmed breakout above the 50-period SMA (~0.00011350) and exiting after a 5% move or if the price fails to hold the 0.00011500 level. A short entry could be triggered on a break below the 0.00011060 support, with a stop-loss placed above 0.00011350. These signals should be validated with real RSI data in future sessions.