Market Overview for ZENBTC on 2025-10-24

• ZENBTC declined 0.67% in 24 hours, closing at 0.00009704, with bearish 15-minute engulfing patterns visible.
• Volatility expanded, with 4.1% range between high (0.00009904) and low (0.00009567).
• On-chain volume surged to 4,698.33, but turnover lagged, hinting at mixed conviction.
• RSI approached overbought 61.8% Fib levels but failed to confirm, suggesting indecision.
• MACD diverged from price, with a bearish crossover hinting at possible continuation.

Horizen/Bitcoin (ZENBTC) opened at 0.00009850 on 2025-10-23 at 12:00 ET, and closed at 0.00009704 on 2025-10-24 at the same time. The 24-hour range saw a high of 0.00009904 and a low of 0.00009567, with total volume trading at 4,698.33 and a notional turnover of $44.80. The pair faced modest but consistent selling pressure through the evening session.

Structure and formations suggest a short-term bearish bias. A key resistance appears around 0.00009803–0.00009858, with failed attempts to retest this level. A bearish engulfing pattern formed at 18:15 ET, signaling potential continuation lower. On the 15-minute chart, the price failed to close above the 20-period moving average, which now sits at 0.00009785. The 50-period line is slightly higher, at 0.00009814, reinforcing the bearish tilt.

The MACD histogram turned negative in the evening, with a crossover of the signal line at 20:00 ET, indicating a bearish reversal in momentum. RSI reached 61.8% Fibonacci levels around 21:00 ET, but failed to confirm with a strong rebound. Bollinger Bands widened, with the price trading near the lower band at several intervals, pointing to potential exhaustion of the downward move. A 61.8% retrace from the 18:00 ET high to the 20:00 ET low would target 0.00009725, a key support level for near-term positioning.

Volume spiked in the 18:00 ET and 22:30 ET timeframes, with large-volume candles closing bearishly. However, turnover remained below average, suggesting some retail participation but limited institutional activity. Price and volume diverged during the 20:30–22:30 ET window, where volume increased but price moved lower, indicating bearish conviction. Fibonacci retracements of the key 15-minute swing from 0.00009904 to 0.00009567 show critical support at 0.00009725 (61.8%) and 0.00009785 (38.2%).

Backtest Hypothesis

A strategic approach to backtesting could focus on bearish engulfing patterns detected on the 15-minute chart, especially those forming during high-volume periods. A potential backtesting strategy would involve identifying these bearish signals and assessing their effectiveness in predicting price declines when combined with key technical levels like Fibonacci retracements and Bollinger Band extremes. To execute this, a clear setup would include: 1. Ticker symbol: ZENBTC. 2. Use of the “close” price series for consistency with candle patterns. 3. Risk control measures such as a 2% stop-loss and a 5% take-profit, with a maximum holding period of 24 hours. This allows the strategy to capture short-term bearish moves while managing risk effectively in a highly volatile environment. The backtesting would provide insights into the frequency and reliability of bearish engulfing signals in the context of the ZENBTC/Bitcoin pair.