Playing field for ZRX: where oh where will price go?!
Updated
Just to give you a framework in which you can further analyse ZRX price movements. I drew the Fibonnacci retracements, and illustratively, you can see that I highlight both a high and low testing in the same candle stick. Moreover, the Pitchfork analysis gives you additional support and resistance level between which the price is moving.
Just before posting this, there was a bullish cross in the MACD 2h chart, coinciding with the "low testing" highlighted in the graph at 8am on 16/01/2018. This is generally very bullish short term and you can see the price move up. So I was just a little late on calling it! :) But nevertheless, here you have the rationale behind it and maybe you can buy it next time when it happens or just before.
Furthermore, we see the 4h chart moving in on a bullish cross in the MACD, supported by the CCI. I have to say that for the moment I am neutral to perhaps slightly bullish, but you can see that the price is still in the negative trend channel for the moment and we might want to sit this one out while the market is doing its swing dance :-)
Just a bedtime story in technical analysis ;-)
cheers
PS: something similar happening with SolarCoin, have a look there as well!
Just before posting this, there was a bullish cross in the MACD 2h chart, coinciding with the "low testing" highlighted in the graph at 8am on 16/01/2018. This is generally very bullish short term and you can see the price move up. So I was just a little late on calling it! :) But nevertheless, here you have the rationale behind it and maybe you can buy it next time when it happens or just before.
Furthermore, we see the 4h chart moving in on a bullish cross in the MACD, supported by the CCI. I have to say that for the moment I am neutral to perhaps slightly bullish, but you can see that the price is still in the negative trend channel for the moment and we might want to sit this one out while the market is doing its swing dance :-)
Just a bedtime story in technical analysis ;-)
cheers
PS: something similar happening with SolarCoin, have a look there as well!
Note
Note that short term, our bullish prediction became truth - see graph below. Note again that it is now testing the Fibonnacci 0,236 resistance. Quite difficult to break that one given the current market volatility. Which brings us to the daily (see next comment)Note
The daily chart shows us a death cross in the MACD and overbought signals in the very high range of the CCI: caution! The short term bullish character as described in the initial post above could rapidly transit to a bearish move.
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