Hi 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 **************
************************************************
> 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
************************************************************
Thoughts
************************************************************
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.
************************************************************
How to trade this?
************************************************************
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.
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 **************
************************************************
> 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
Thoughts
************************************************************
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.
************************************************************
How to trade this?
************************************************************
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.
Comment:
Comment:
Comment:
The bullish and bearish scenario
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
