$ZEN
Based on the 4-hour chart, the ZEN/USDT pair has successfully broken out of a Falling Wedge pattern. This is a classic bullish reversal signal that suggests the downtrend may be over.
Current Action: The price has surged past the upper resistance line (highlighted by the blue circle), confirming the pattern breakout. This move is backed by a healthy spike in trading volume. 💹
RSI Check: The Relative Strength Index (RSI) is strong at 74.32 ("Slightly Bought"), indicating significant positive momentum but watch out as it nears the overbought zone (>80).
🎯 Quick Trade Strategy
BUY Signal (LONG): Entry is good around the current price of 10.237 USDT or wait for a small pullback to retest the broken trendline for a safer entry. 🟢
Take Profit Targets: Look to secure profits at the next major resistance levels, first around 11.50 - 12.00 USDT, and then potentially higher at 13.50 USDT. 💰
Stop-Loss (SL) for Long: Set your Stop-Loss around 9.00 USDT, just below the breakout point. 🛡
📉 SHORT Signal (Bearish Confirmation): Consider shorting only if the price fails to hold the breakout and closes back below the upper trendline of the Falling Wedge, specifically a strong close below the 9.50 USDT area. 🔴
Target for Short: The first target would be the lower boundary of the wedge around 8.50 USDT, and the second target could be the previous low near 7.50 USDT.
Stop-Loss for Short: Set your Stop-Loss just above the high of the failed breakout, for instance, 10.50 USDT.
Trade Smart.
