Hello, Traders!
ZRX has recently seen a positive breakout. This was a breakout of a descending wedge with a positive pre-trend, as shown below.
The descending wedge which ZRX has broken out from has numerous points of contact. During this wedge ZRX had fallen from $0.8 USD towards $0.35 USD.
Below are the recent EWs for ZRX. The recent breakout appears to be a retracement move.
<deleted>
In the recent breakout on the hourly chart, ZRX has failed to break above the 0.5 Fibonacci level. This level was rejected and has seen ZRX move into the 0.236 zone. Therefore it suggests that ZRX will likely fall back towards the 0 Fibonacci support line, before a new attempted move up.
A move back down towards the 0 Fibonacci support line will see ZRX fall down to $0.33 USD, from the current $0.39 USD. This would represent a value decrease of 13% for ZRX, if this scenario occurs.
<deleted>
If ZRX obeys this formation alongside the EWs, it is another suggestion that ZRX could move back down to the critical support line. This then coincides nicely with the short term bearish BTC analysis.
Good luck and watch out for the market!
ZRX has recently seen a positive breakout. This was a breakout of a descending wedge with a positive pre-trend, as shown below.
The descending wedge which ZRX has broken out from has numerous points of contact. During this wedge ZRX had fallen from $0.8 USD towards $0.35 USD.
Below are the recent EWs for ZRX. The recent breakout appears to be a retracement move.
<deleted>
In the recent breakout on the hourly chart, ZRX has failed to break above the 0.5 Fibonacci level. This level was rejected and has seen ZRX move into the 0.236 zone. Therefore it suggests that ZRX will likely fall back towards the 0 Fibonacci support line, before a new attempted move up.
A move back down towards the 0 Fibonacci support line will see ZRX fall down to $0.33 USD, from the current $0.39 USD. This would represent a value decrease of 13% for ZRX, if this scenario occurs.
<deleted>
If ZRX obeys this formation alongside the EWs, it is another suggestion that ZRX could move back down to the critical support line. This then coincides nicely with the short term bearish BTC analysis.
Good luck and watch out for the market!
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.
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.