đ¨Â WARNING: Don't Get Trapped by $ZEN! đ¨
The 4H chart for Horizen ($ZEN ) is flashing some serious warning signs. If you are seeing green candles right now, be carefulâthis looks like a classic Dead Cat Bounce. đđ
Why you should be cautious:
đ Trend is Bearish: Price is strictly below the 50 & 100 EMAs. Sellers are in control.
đ Major Breakdown: We lost the key support at $11.50. The current move up is likely just retesting this level as resistance.
đ Distribution: The long wicks at the top show heavy whale selling.
đ What happens next?
The $10.80 - $11.50 zone is a "Rejection Zone."
If we fail here, the drop could continue.
đŻ Next Buying Areas (Support):
1ď¸âŁÂ $9.55 (Watch for reaction)
2ď¸âŁÂ $9.09 (Strong Support Level) đ˘
Bullish Reversal? Only if we reclaim $11.50 with volume. Until then, the trend is DOWN.
Are you catching the falling knife or waiting for $9.00? đ
