ZRX potential BULL FLAG
Updated
Hey guys,
As i promised a couple days ago,it's time to take a look at ZRX,compared to BTC.
We've recently witness a lot of upward movement on ZRX,influenced especially by the possibility of of this token to be listed on Coinbase (overrated,government-controlled platform).
As the technical analysis would suggest,we are currently right in the middle of a BULL FLAG.
HOW TO TRADE
1.Set alerts and prepare to see a breakout from the parallel channel.
2.Place a buy order after the breakout takes place.
3.Set a stop-loss anywhere around the 15k satoshi levels,depending on the amount of money you are comfortable with risking.
4.Set a take-profit at roughly 21k satoshis,as the projected uptrend of a bull flag is supposed to be almost equal to the length of the flag POLE.
Unfortunately,we've left the 200 MA way behind,meaning we are a little overbought,even though we are under the influence of a Golden Cross,a very bullish signal.
Altogether,my position on this token is bullish on the short term,but i wouldn't be surprised if the bears would take over after we reach the 20-21k satoshi mark(if we reach it,of course,as we've bounced of the 18k sats levels multiple times in the past)
Keep in mind that if BTC keeps growing,money will start flowing into altcoins again,making it possible to see uptrends similar to December 2017 levels.
As always,i hope you found this helpful,both financially (if you are active traders) and educationally (if your goal is to learn something new). I am open to any comments,suggestions,observations or questions on this topic.
Have a nice day guys !
As i promised a couple days ago,it's time to take a look at ZRX,compared to BTC.
We've recently witness a lot of upward movement on ZRX,influenced especially by the possibility of of this token to be listed on Coinbase (overrated,government-controlled platform).
As the technical analysis would suggest,we are currently right in the middle of a BULL FLAG.
HOW TO TRADE
1.Set alerts and prepare to see a breakout from the parallel channel.
2.Place a buy order after the breakout takes place.
3.Set a stop-loss anywhere around the 15k satoshi levels,depending on the amount of money you are comfortable with risking.
4.Set a take-profit at roughly 21k satoshis,as the projected uptrend of a bull flag is supposed to be almost equal to the length of the flag POLE.
Unfortunately,we've left the 200 MA way behind,meaning we are a little overbought,even though we are under the influence of a Golden Cross,a very bullish signal.
Altogether,my position on this token is bullish on the short term,but i wouldn't be surprised if the bears would take over after we reach the 20-21k satoshi mark(if we reach it,of course,as we've bounced of the 18k sats levels multiple times in the past)
Keep in mind that if BTC keeps growing,money will start flowing into altcoins again,making it possible to see uptrends similar to December 2017 levels.
As always,i hope you found this helpful,both financially (if you are active traders) and educationally (if your goal is to learn something new). I am open to any comments,suggestions,observations or questions on this topic.
Have a nice day guys !
Trade closed: stop reached
Stop-loss has been reached..btc dropped and took ZRX with it.
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