ZEN / BTC Price Analysis: Arising
Horizen has been laying low, but some key announcements reignited interest in the project.
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- Horizen has a bullish short-term bias against BTC, with the ZEN / BTC pair correcting back towards the April monthly trading high
- ZEN / BTC pair has a bullish medium-term trading outlook
- A large inverted head and shoulders pattern is present across the daily time frame
Horizen / Bitcoin Short-term price analysis
ZEN has a bullish short-term trading bias against BTC, with the ZEN / BTC pair trading well above its 200-period moving average on the four-hour time frame.
The four-hour time frame is showing that the ZEN / BTC pair is gaining bullish trading momentum and attempting to correct back towards the April monthly trading high.
Technical indicators are bullish on the four-hour time frame, although they are starting to appear overstretched.ZEN / BTC H4 Chart by TradingView
Traders should note that an inverted head and shoulders pattern will form on the four-hour time frame if bulls move price back towards the April trading high.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish, although it has moved into overbought territory.
The MACD indicator on the four-hour time frame is also bullish, although it is starting to appear overstretched.
In April, Horizen partnered with Horizen Labs which has raised 4$ million from Digital Currency Group (DCG) and Liberty City Ventures. Horizen Labs will be working with businesses to help them build their own sidechains on top of the Horizen’s public blockchain. This is likely the reason why ZEN’s price has been growing for the past several weeks.
Horizen / Bitcoin Medium-term price analysis
ZEN has a bullish bias against BTC over the medium-term, with the ZEN / BTC pair trading back above its 200-day moving average.
The daily time frame shows a large inverted head and shoulders pattern, with buyers rallying the ZEN / BTC pair back above the neckline of the bullish pattern.
Technical indicators across the daily time frame are currently rising and issuing a strong bullish signal.ZEN / BTC Daily Chart by TradingView
Traders should note that the November 18th, 2018 swing high is the overall upside target of the inverted head and shoulders pattern on the daily time frame.
Relative Strength Index
The RSI indicator is also bullish on the daily time frame, although it is approaching overbought territory.
The MACD indicator is bullish on the daily time frame and is currently generating a strong buy signal.
Horizen looks interesting on the fundamental level. It has a good development team and plans a number of technological improvements to its platform in 2019. Along with Horizen Labs the project can potentially increase the level of adoption of its platform, which can have a positive effect on the value of the network in the medium term.
ZEN is growing increasingly bullish against BTC over both time frames as the cryptocurrency attempts to recover from last month’s trading losses.
If bulls can maintain the bullish momentum and continue to rally the ZEN / BTC pair, a much stronger rally towards the November 18th swing high may occur.
Check out our coin guide for ZEN to understand how it works.