This week I've been looking at a lot of valleys and which can become interesting for the coming time. My eye immediately fell on Horizen. After an increase of over 200%, ZEN has entered a phase to catch its breath for a while. The inpulse wave measured with the Fibonacci we see a golden pocket on the gray zone that should serve as support for a successful s/r flip.
ZEN is clearly in a downward channel with lower highs and lower lows. The ema100 sits just above the course and serves as a resistance. The ema200 aligns with the gray zone and should both be used for support. From yesterday there seems to be some kind of consolidation, which we can see better later on lower timeframe.
The rsi also moves sideways on the 30 line and seems to want to cross the ema at the moment. On the lbr and macd we see the bearish momentum decrease and a bullish crossover seems to want to come here as well.
Here the course has set a double bottom after a higher high. But in fact it is just at a higher low. A bullish signal. However, in the 1st dip of the double bottom we see quite a wick where retail traders most likely have their stoploss. Big boys can easily use this to tap out these stops before the price starts to rise. This is something to take into account. As long as the $10.8 hasn't flipped, the hunt on the stops could still take place.
The rsi has made a bullish crossover and is currently trading against the midline. The lbr appears to be following and the bullish momentum is slowly increasing on the lbr. The macd has had a smaller dip than on the other two indicators and has already undergone the bullish crossover. However, we still see a little bit of bearish momentum here but that seems to switch quickly. 
Conclusion:
As long as the gray zone is maintained on the higher timeframe, I think there is a good chance that the ATH will be tested again at $19.653. If we lose the gray zone then a drop to $8 is unavoidable. And with a bit of bad luck it won't hold and the price will drop to $6.8.
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