Horizen / TetherUSShort
ZEN Skyrockets 244% – Is a Correction Around the Corner?
Updated
ZEN has experienced an impressive +244% rally over the past 7 days, completing 7 consecutive bullish days.
Key Resistance Levels:
The rally suggests an imminent correction due to overextension. Multiple resistance levels indicate a high probability of price cooling off.
Short Setup:
Elliott Wave Completion: 5-wave structure appears completed, signaling the end of the bullish trend.
Take-Profit Targets:
Key Resistance Levels:
- 0.618 Fibonacci Retracement: Reached for the entire structure (logarithmic scale), providing an ideal short entry.
- 0.666 Fibonacci Retracement: Located at $53.55, perfectly aligning with the previous significant swing high, further strengthening resistance at this level.
- Psychological Level: $50 serves as a critical psychological barrier.
The rally suggests an imminent correction due to overextension. Multiple resistance levels indicate a high probability of price cooling off.
Short Setup:
Elliott Wave Completion: 5-wave structure appears completed, signaling the end of the bullish trend.
Take-Profit Targets:
- First TP: $39.68 (Fib 0.618 of the current wave).
- Second TP: $33.74 (Fib 0.382 of the entire structure).
- Risk-Reward Ratio: Targeting 0.382 offers a +25% gain.
Trade active
The short trade worked out flawlessly with TP1 hit and SL adjusted. A potential Head and Shoulders pattern seems to be forming.
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