$ZEN
ZENUSDT — Failed Retest of Breakdown in Weekly Downtrend
ZENUSDT is trading at $9.891, failing to reclaim the critical $10.55 level after a sharp rejection. This represents a failed retest of a major breakdown point within the context of a -16% weekly downtrend. The price action suggests the recent bounce was corrective, and the primary bearish momentum is set to resume.
Trade Plan (Short - Failed Retest Continuation)
Entry (Short): $9.88 – $9.85 (on a breakdown below immediate support and confirmation of the reversal, e.g., a 4H close below $9.87).
Target 1: $9.70 – $9.65 (initial support and the recent swing low).
Target 2: $9.50 – $9.40 (next major support zone and the 0.618 Fib of the monthly rally).
Stop Loss: $10.10 (above the recent swing high and the key resistance).
My View
The market is offering a second chance to enter the short after the initial breakdown. Failed retests are high-probability continuation signals. The weekly trend remains the dominant force, and this bounce appears exhausted. The most probable path is a swift drop back towards the recent lows and potentially beyond. This setup is for swing traders with a bearish bias. Wait for the breakdown confirmation—a 4H close below $9.86 would be a strong signal to enter.
