Market Overview for ZENBTC on 2025-11-03

• Price tested key support twice before rebounding, with a 3.8% 24-hour range.
• Volume spiked during the early AM rebound but faded as the session progressed.
• Overbought RSI levels suggest momentum may slow, but a bullish reversal candle challenges bears.
• Bollinger Bands narrowed mid-session, setting up potential for a breakout or breakdown.
• Divergence between price and turnover hints at cautious participation and mixed sentiment.

Overview and Price Action

Horizen/Bitcoin (ZENBTC) opened at 0.00015625 on 2025-11-02 at 12:00 ET, reaching a high of 0.00016157 and a low of 0.00014287 before closing at 0.0001556 on 2025-11-03 at 12:00 ET. The pair experienced a total volume of 15,844.29 and a turnover of 2.51 BTC over the 24-hour period. A strong rebound from the 0.000152–0.000154 support cluster and a bullish engulfing pattern at 0.000155–0.000157 suggest short-term buyers may be regaining control after a prolonged downtrend.

Structure & Formations

Key support was identified near 0.000152–0.000154, with the price testing this level twice during the session and bouncing off both times. A bullish engulfing pattern formed around 0.000155–0.000157, signaling a potential short-term reversal. The 0.000161–0.000163 zone appears to act as a psychological resistance, with price failing to hold above 0.000160 in the early AM session.

Moving Averages and Bollinger Bands

On the 15-minute chart, the 20-period and 50-period moving averages trended downward during the early part of the session before converging around the 0.000156–0.000157 level. This suggests a potential short-term equilibrium point. The Bollinger Bands narrowed significantly between 03:00 and 06:00 ET, signaling a period of low volatility followed by a sharp expansion as the price broke above the upper band during the AM rebound. Price closed near the upper Bollinger Band, indicating a potential overbought condition.

MACD and Momentum

The MACD line crossed above the signal line in the early morning, confirming a bullish momentum shift. However, the RSI reached overbought territory (above 70) in the early AM hours, suggesting that momentum could moderate. A bearish divergence appeared in the late evening as price continued to rise but RSI declined slightly, hinting at possible exhaustion among buyers.

Volume and Turnover Divergences

Volume surged during the early AM rebound (03:00–04:00 ET), with turnover spiking to 1,722.92 at 04:00 ET. However, volume faded as the session progressed, and price continued to edge higher without confirmation, suggesting a lack of conviction among buyers. Notional turnover and volume showed a divergence in the late evening—volume declined while price still rose—raising questions about the sustainability of the bullish move.

Fibonacci Retracements and Key Levels

Applying Fibonacci retracements to the most recent 15-minute swing from 0.00015241 (05:00 ET) to 0.00016157 (22:15 ET), the 61.8% retracement level aligns with 0.0001584, which was tested and rejected twice. The 38.2% level (~0.0001565) holds relevance as the closing level fell just below it at 0.0001556. A break above 0.0001584 could target the 0.000161–0.000163 resistance cluster.

Backtest Hypothesis

Given the observed RSI overbought condition and the bullish engulfing pattern, a potential backtest strategy could involve entering long on a confirmed close above the 0.0001584 Fibonacci level, with a stop just below 0.000155 and a 5-day holding period. However, the data interface encountered an issue retrieving RSI data for ZENBTC. This may stem from a mismatch in the ticker format (e.g., ZEN-BTC instead of ZENBTC) or exchange-specific data constraints. Once the correct ticker is confirmed (e.g., BINANCE:ZENBTC or COINBASE:ZEN-BTC), the RSI series can be retrieved, and the strategy can be validated. Until then, the backtest remains hypothetical.