ZEN has broken below both the daily open (dOpen) and weekly open (wOpen), signaling increased bearish momentum. The previous support levels now act as a Support/Resistance Zone, and bullish recovery requires reclaiming both dOpen and wOpen with significant volume. However, the current setup suggests further downside toward the $26–$25 range, which aligns with multiple confluences and the target from the Head & Shoulders (H&S) pattern.
Confluence for $26–$25 Support Zone:
Fibonacci Retracement (0.618): The key retracement level provides a strong support area.$25 Key Level: A psychological and technical key level with historical significance.Point of Control (POC): The POC from the previous trading range aligns perfectly with this zone.Trend-Based Fibonacci Extension (1.272): The projected extension supports the target.Fibonacci Speed Fan (0.777): Adds further confluence for this price level.H&S Target: The projected target of the confirmed Head & Shoulders pattern coincides with this zone.
Outlook and Strategy:
Short-Term Bias: The bearish trend remains dominant unless bulls manage to reclaim dOpen and wOpen with strong volume.
Target Area: The $26–$25 range serves as the most probable area for a bounce or reversal due to multiple technical confluences.
Next Steps: If price reaches the support zone, look for a high-probability long setup with confirmation through increased buying volume, bullish candlestick patterns, and alignment with key indicators.
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