0x ProtocolLong
ZRX To 0.28?? Another H&S Pattern forming
Hope all of you are well and staying safe! Don't forget to social distance! 🧍🏽♂️--(6ft)--🧍🏽♀️
Looking at the chart, my last analysis was short. But looking at the 1 day chart again with a fresh cup of joe, I am long. There is a Downward-Channel ZRX has been in for some time. This channel has replicated a head-shoulders pattern consecutively. Are we seeing another repeat of this trend? The RSI is clearly showing exactly the same pattern as every H/S prior, as well the moving averages have crossed at exactly the same time in the forming H/S as the one before it. So it seems there might be a repeat for the fourth time.
If we reach the top of the channel, the region that is red is where a sell off will occur, a good short position?? Possibly.
My prior analysis failed to see the bigger picture, so while only time will tell, I feel far more confident in this analysis than the last.
Just an interesting thought, let me know what you guys think! Please do not trade based on this idea.
Thanks for reading!
- Max K.
Looking at the chart, my last analysis was short. But looking at the 1 day chart again with a fresh cup of joe, I am long. There is a Downward-Channel ZRX has been in for some time. This channel has replicated a head-shoulders pattern consecutively. Are we seeing another repeat of this trend? The RSI is clearly showing exactly the same pattern as every H/S prior, as well the moving averages have crossed at exactly the same time in the forming H/S as the one before it. So it seems there might be a repeat for the fourth time.
If we reach the top of the channel, the region that is red is where a sell off will occur, a good short position?? Possibly.
My prior analysis failed to see the bigger picture, so while only time will tell, I feel far more confident in this analysis than the last.
Just an interesting thought, let me know what you guys think! Please do not trade based on this idea.
Thanks for reading!
- Max K.
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.