ZRXBTC trade ideas
ZRX.BTC (Y20.P3.E1).Macro structure.BullishHi All,
ZRX against BTC (like XLM.BTC) is showing some bullish macro structure with already 2 rejections at the resistance trend line and what looks like a wedge formation taking place in the lower time frames.
While writing this, I have already jumped in.
15 min. chart
************** Observations **************
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> Observe the 2 rejections at the main trend line
> Wedge formation or compression formation taking place, just under the key resistance area > potential cup and handle structure taking place
> Bearish divergence on the Daily
> Below labelled and lines outlining the structure
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Thoughts
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This looks very much like another inverted BARR structure (bump and run) and hence once the trendline is broken, it will have little resistance on the way up.
Also at the micro level, the wedge formation taking place could be part of a cup and handle structure and hence its target has confluence with the resistance line I have drawn.
To summarise:
> potential cup and handle structure taking place
> 2nd rejections at the main trend line, 3rd attempt should be successful.
> potentially a bullish flag of some sort, including this wedge could take place before the 3rd attempt on the trendline.
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How to trade this?
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Maybe wait for the main trend line to break and\or jump in when the wedge structure has a break out with a stop loss just under your entry.
or Look for a bullish candle on the 12 HRLY chart from the 0.5 fib level or 0.618 fib level.
3 HRLY chart
NOTE: ZRX against USDT, hence confluence with ZRX.BTC being bullish
2 Key levels broken
WEEKLY and Monthly support and resistance lines identified, as part of identifying targets.
Bull Breakout | Wedge | Trend Resumption | ZRXPrice action breaking above the Bear Channel. With a Pullback Completing in Wedge Breakout Pattern. Highly Probably to resume Bull Trend.
Disclaimer
Trade at your own risk. This is not a financial advise. We are not registered/licensed organisation for Financial Services.
ZRS Possible Trade Set-up Above 4840We had a breakout from Wedge previously and currently looks like we are in a Bull Trend (alteast in Range nor in Bear Trend).
Price is moving in Bull Channel and has formed a Range on small timeframe. We can take a long scalp after breaking above Smaller time frame Range
Disclaimer
Trade at your own risk. This is not a financial advise. We are not registered/licensed organisation for Financial Services.