Nothing lasts forever: ZCoin profit taking time. Re-entry point.
We are much too stretched: Look at the oscillators. Look how far it's moved away from the moving averages. We just found resistance at a very big fib, a retrace is logical.
The 0.5 fib from the last move up would make sense, which is *also* a big fib up from the last move lower - 2.618, and coincides with previous resistance which then became support. Around 0.009
The second level is another previous resistance, and where the hourly 20MA can be found right now: 0.0078 - 0.008
This would be where I would put my buy orders, and I would not trust ZCoin to go any higher without re-testing at least one of these. This correction can happen in two waves, and will help reset the CCI and RSI levels.
For profit targets, any of the fibs above the current high can offer resistance and profit taking.
I like 0.01988 because it looks like it would be close to an equal measured move to the current move upward.
Good luck
The 0.5 fib from the last move up would make sense, which is *also* a big fib up from the last move lower - 2.618, and coincides with previous resistance which then became support. Around 0.009
The second level is another previous resistance, and where the hourly 20MA can be found right now: 0.0078 - 0.008
This would be where I would put my buy orders, and I would not trust ZCoin to go any higher without re-testing at least one of these. This correction can happen in two waves, and will help reset the CCI and RSI levels.
For profit targets, any of the fibs above the current high can offer resistance and profit taking.
I like 0.01988 because it looks like it would be close to an equal measured move to the current move upward.
Good luck
Trade closed: target reached:
Target reached, breakout imminent. Revising my position to "Long"
Target reached, breakout imminent. Revising my position to "Long"