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0x/Bitcoin (ZRXBTC) Broker Burns up?0x/Bitcoin (ZRXBTC) 4-Hour Bars, Normal Scaling, 06/24/18, Written 12:35 a.m. EST, by Mike Mansfield Hi trader friends, we have 0x Protocol under an Andrews 0.618 support line & the Fibonacci 0.618 retracement, with only 3 of 5 waves completed on the downside, so there should be a bit more to come. After the expected low, larger bounce is due, preferably from a bit lower at 0.000008585 area, where I show a green arrow turning up. But, this broker/exchange technology is not catching fire lately, while Bianance has been killing it (see past recos). ELLIOTT WAVES: CORRECTION or IMPULSE?: This looks more like a giant correction down. Here’s why: Angular momentum down on Wave (A) is steeper than the angular momentum down on Wave (C), at least thus far. Even Wave 3 of (A) is steeper than Wave 3 of Wave (C). Therefore, Wave (C) is LESS likely to be an Impulse wave. Instead, we are likely in a Wave (C) correction. CYCLES: Red cycle in trough phase, with actual trough on 06/20/18. Blue cycle is still heading down. This often means a big bounce is due, but maybe not a new uptrend yet. Price is more important than time. Red cycle tops again on 08/08/19, so you'll likely want to be out of any longs before that. Blue cycle bottoms in early October, 2018, along with some other large cycles in BTC. DIVERGENCE: Both RSI(9) and MACD have bullish divergence suggesting the low is getting near. TARGET UP: Upside bounce target is the prior Wave IV area, likely launch from the next Andrews Pitchfork and FIBO intersect line, both shown by the green arrows. BOTTOM LINE: Possible short-term tradeable low coming. There should be another short sale opportunity, at the prior Wave 4 horizontal black line area, after the expected big bounce. Have a great week! DISCLOSURE: This analysis is meant for educational purposes only. You trade at your own risk! Cheers! Michael Mansfield CIO
by UnknownUnicorn1613901