ZENBTC Breaks Key Support Amid Bearish Engulfing Pattern

Summary
• Price drifted lower in the 24-hour period, breaking key support levels with increasing bearish momentum.
• RSI and MACD signal oversold conditions, but bearish divergence in volume suggests caution.
• Volatility expanded in the late session, with price near the lower Bollinger Band.
• A bearish engulfing pattern formed at the high of the session, followed by a prolonged decline.

Market Overview

Horizen/Bitcoin (ZENBTC) opened at $8.999e-05 on 2026-02-06 at 12:00 ET, with a high of $8.999e-05 and a low of $8.569e-05, closing at $8.622e-05 on 2026-02-07 at 12:00 ET. Total 24-hour trading volume was 4,842.17 ZEN and turnover amounted to $0.42839198.

Structure & Formations

Price action revealed a bearish trend, with a key bearish engulfing pattern at the session high on 2026-02-06 at 17:00 ET. A long bearish leg followed, reaching as low as $8.569e-05. A notable support level formed around $8.600e-05 and $8.587e-05, both tested and broken. A potential resistance cluster appears near $8.681e-05 to $8.702e-05, where price previously stalled.

Moving Averages

Short-term 5-minute averages like the 20 and 50-period lines remained bearish, tracking below price for much of the session. Daily averages (50/100/200) are not provided, but the trend appears bearish given the recent price action.

Momentum & Oscillators

The RSI reached oversold territory multiple times, most notably around $8.569e-05, but failed to trigger a strong rebound. MACD remained negative throughout the session, indicating a lack of bullish momentum.

Bollinger Bands

Volatility expanded late in the session, with price hitting the lower Bollinger Band at $8.569e-05. This suggests a period of increased bearish pressure and potential for a rebound or continuation of the decline.

Volume & Turnover

Volume surged during the bearish breakdown below $8.628e-05 and in the $8.587e-05 to $8.6e-05 range, signaling conviction in the move lower. However, volume weakened during the attempted recovery above $8.6e-05, suggesting weak follow-through and potential for further downside.

Fibonacci Retracements

Recent 5-minute swings align with Fibonacci levels at 61.8% (~$8.681e-05) and 50% (~$8.636e-05). Daily retracements are not fully available, but the 61.8% level appears to have served as a critical area of resistance and now could act as support on a pullback.

While a short-term bounce may be possible from current levels, the overall trend appears bearish, and a continuation of the decline below $8.569e-05 could trigger further selling pressure. Investors should monitor volume and price action around key support areas for signs of reversal or exhaustion.