During this morning’s live broadcast, I discussed the market behavior of Zen. The price action showed a clear exchange between support and resistance levels, which were repeatedly tested and confirmed over a 4-hour period. Following a significant decline, the market entered a consolidation phase. What was particularly notable was that each new decline was less pronounced than the one before, signaling a potential reversal on the horizon.
The price formed a wedge pattern, which was nearing completion. As the price continued to tighten within the wedge, it became evident that the market was preparing for a breakout. The reduced intensity of each downward move suggested weakening bearish pressure, which further pointed to the likelihood of a reversal in direction.
The key takeaway was that the wedge formation was coming to an end, and the market was poised to make a decisive move. Traders should remain attentive as the breakout could lead to a strong upward surge once the price finally breaks free from the wedge.
In conclusion, this analysis highlights the importance of recognizing patterns of diminishing price movement, such as the weakening declines, as these can often signal that a reversal is imminent. With the wedge pattern nearing its apex, it’s crucial for traders to be prepared for the next major shift in the ma
rket.
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