ZBCN is consolidating just above the value area high as it undergoes a corrective phase. Despite the short-term pullback, the broader bullish structure remains intact while key support levels hold.
ZBCN has entered a technical consolidation following its recent rally, pausing near the high of its established value area. This correction is forming a potential equilibrium structure, and whether support holds or breaks will define the next directional move. Traders should be watching the current daily support zone closely, as it may act as the base for the next upward leg if the trend continues.
Key Technical Points:
- Support Zone: Daily SR level with 0.618 Fibonacci confluence
- Key Resistance: Swing high from previous rally
- Failure Point: Below daily support opens downside toward point of control
ZBCN’s price action is currently hovering near the value area high, consolidating in what appears to be a corrective formation. The bullish market structure is still intact, as there has not yet been a decisive breakdown below major support. The correction is forming above the daily support and resistance (SR) level, a key zone with high time frame significance.
This support level is reinforced by the 0.618 Fibonacci retracement, adding a layer of technical confluence to this potential bottoming region. If price maintains this level, it creates a high-probability setup for a bounce toward the previous swing high, which remains a logical upside target.
However, if ZBCN loses this daily level—particularly on an influx of volume—it would mark a structural failure and increase the probability of a deeper corrective move. The next logical downside target would be the point of control, where prior accumulation occurred and where strong historical volume resides. A move toward this area would not invalidate the larger uptrend entirely, but it would shift momentum into a deeper retracement phase.
Maintaining structure above the current support is crucial for bullish continuation. As of now, the uptrend remains valid, and the current movement can be considered a healthy correction as long as support holds. A successful retest of this region could trigger renewed interest from buyers and ignite a move back toward the range high.
If the level fails, however, traders should prepare for a drop toward lower support zones and reassess momentum accordingly. The overall sentiment remains bullish, but that bias is contingent on structure being respected at this stage.
What to Expect in the Coming Price Action
A hold above the daily SR and Fibonacci support could lead to a new rally toward the swing high. If the level fails, watch for a corrective move toward the point of control.
ZBCN has entered a technical consolidation following its recent rally, pausing near the high of its established value area. This correction is forming a potential equilibrium structure, and whether support holds or breaks will define the next directional move. Traders should be watching the current daily support zone closely, as it may act as the base for the next upward leg if the trend continues.
Key Technical Points:
- Support Zone: Daily SR level with 0.618 Fibonacci confluence
- Key Resistance: Swing high from previous rally
- Failure Point: Below daily support opens downside toward point of control
ZBCN’s price action is currently hovering near the value area high, consolidating in what appears to be a corrective formation. The bullish market structure is still intact, as there has not yet been a decisive breakdown below major support. The correction is forming above the daily support and resistance (SR) level, a key zone with high time frame significance.
This support level is reinforced by the 0.618 Fibonacci retracement, adding a layer of technical confluence to this potential bottoming region. If price maintains this level, it creates a high-probability setup for a bounce toward the previous swing high, which remains a logical upside target.
However, if ZBCN loses this daily level—particularly on an influx of volume—it would mark a structural failure and increase the probability of a deeper corrective move. The next logical downside target would be the point of control, where prior accumulation occurred and where strong historical volume resides. A move toward this area would not invalidate the larger uptrend entirely, but it would shift momentum into a deeper retracement phase.
Maintaining structure above the current support is crucial for bullish continuation. As of now, the uptrend remains valid, and the current movement can be considered a healthy correction as long as support holds. A successful retest of this region could trigger renewed interest from buyers and ignite a move back toward the range high.
If the level fails, however, traders should prepare for a drop toward lower support zones and reassess momentum accordingly. The overall sentiment remains bullish, but that bias is contingent on structure being respected at this stage.
What to Expect in the Coming Price Action
A hold above the daily SR and Fibonacci support could lead to a new rally toward the swing high. If the level fails, watch for a corrective move toward the point of control.
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
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Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.