ZRX has seen a nice runup since tapping into the demand zone around 7400 but seems to be breaking down from the triangle. Overall, with some alts starting to look bottomed out barring a BTC meltdown and possible coinbase listing soon, ZRX seems like a strong pick for a long.
RSI and MACD seem to be turning up showing positive momentum and we are currently sitting right at the demand zone, which has held well so far. For the more adventurous traders, placing a long order in this demand zone could be a good play, targetting the top of the triangle as a take profit. For the more conservative traders, waiting for a pullback back down to the lower demand area could end up avoiding the loss from a break of current levels on a BTC move lower. Both stops would be placed below the SFP lows and targets are outlined in the chart.
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RSI and MACD seem to be turning up showing positive momentum and we are currently sitting right at the demand zone, which has held well so far. For the more adventurous traders, placing a long order in this demand zone could be a good play, targetting the top of the triangle as a take profit. For the more conservative traders, waiting for a pullback back down to the lower demand area could end up avoiding the loss from a break of current levels on a BTC move lower. Both stops would be placed below the SFP lows and targets are outlined in the chart.
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Comment:
ZRX has moved back down into the demand zone but need to be careful if entering the trade as BTC is driving the market. A further move lower could cause ZRX to test the lower demand zone. Proceed with caution here.