ZENBTC Breaks Lower Bollinger Band Amid Fading Bearish Conviction

Summary
• Price declined from 8.999e-05 to 8.663e-05, forming bearish momentum with key support at 8.628e-05.
• Volume surged in early bearish phases but faded in late session, signaling weakening pressure.
• RSI dipped below 30, suggesting oversold conditions, though bullish reversal is uncertain.
• A bearish engulfing pattern emerged at 18:00 ET, reinforcing short-term downside potential.
• Volatility expanded mid-session, with price breaking lower Bollinger Band at 8.672e-05.

24-Hour Price and Volume Performance

At 12:00 ET on 2026-02-07, Horizen/Bitcoin (ZENBTC) opened at 8.999e-05, hit a high of 8.928e-05, a low of 8.572e-05, and closed at 8.663e-05. Total volume for the 24-hour period was 4,785.87 ZEN, while notional turnover amounted to 0.42045465 BTC.

Structure & Candlestick Patterns

Price action formed a engulfing pattern at 18:00 ET, confirming a shift in momentum. A doji appeared near the session low at 19:30 ET, suggesting indecision before a continuation of bearish pressure. Key support is now at 8.628e-05, with resistance at 8.726e-05.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages both trended lower, with the 50SMA acting as a short-term resistance around 8.75e-05. RSI dipped below 30, indicating potential oversold conditions, but price failed to generate a clear bullish reversal. The MACD turned negative mid-session, reflecting eroding bullish momentum.

Bollinger Bands and Volatility

Volatility expanded during the 20:00–22:00 ET window as price broke the lower Bollinger Band at 8.672e-05. Price remained near the lower band for much of the session, suggesting a continuation of bearish pressure could be probable in the near term.

Volume and Turnover Analysis

Volume spiked during key bearish moves between 18:00 and 20:00 ET, particularly at the 18:00 bearish engulfing candle, confirming the selloff. However, volume dropped sharply in the final hours, indicating waning bearish conviction. No strong divergence between price and volume was observed.

Fibonacci Retracements

From the 18:00 high of 8.928e-05 to the 20:00 low of 8.672e-05, price retraced 38.2% at 8.81e-05 and 61.8% at 8.73e-05. The current close at 8.663e-05 suggests further support to watch is the 78.6% retracement at 8.67e-05, below which the trend could intensify.

ZENBTC may test critical support at 8.628e-05 over the next 24 hours, with potential for a rebound if buyers emerge near oversold conditions. However, a break below that level could signal a deeper correction, and investors should remain cautious of extended bearish follow-through.