ZBCN Faces Key Support Zone, Potential Bullish Reversal looms
ZBCN is experiencing a pullback after a robust rally. Teh price is now approaching a major support area, which could trigger a bullish reversal. This zone, known as the Golden Pocket, is defined by the 0.618–0.66 Fibonacci retracement levels. It aligns with the Volume Weighted Average Price (VWAP) and liquidity,making it a crucial point for traders.
The recent surge in ZBCN created a new swing high, but the price has since corrected.This correction has brought the price near the Golden Pocket. If the price holds this support, it could bounce back toward the recent highs. However, a failure too hold this area might lead to a deeper retracement.
- Golden Pocket Confluence: The price is nearing the 0.618–0.66 Fibonacci retracement zone.
- VWAP SR Alignment: The VWAP support is within the Golden Pocket, enhancing its significance.
- Liquidity Below weak Lows: Previous swing lows offer potential liquidity sweep and bullish trap setup.
Traders should watch for a reaction at this support zone. If the price holds, it could signal a continuation of the bullish trend. For more insights, check the ZBCNUSDT (1D) Chart on TradingView.
As ZBCN enters this technically significant area, the next few price actions will be crucial. A accomplished defense of the Golden Pocket and VWAP support could propel the price back toward the recent highs. Conversely, a breakdown could lead to further declines.
