Shotokhan

ZRX: when the reversal?

BITTREX:ZRXBTC   0x Protocol / Bitcoin
As I anticipated the 28th of September ZRXBTC didn't promise well and unfortunately I was right (I say unfortunately because I'm a holder). As you can see the triangle broke downward and price is currently testing the first support.

At 1h and in some cases at 4h I see bullish DIVs on various indicators ( MFI , CCI , RSI etc....) however for such divergences to play out on macro scale we usually need them appear at daily timeframe . However what will happen depends also from BTC itself. I think it'll retrace very soon, if this happens ZRXBTC will retrace as well but will recover right after. If I'm wrong and BTC will keep pumping the current ZRX support will be broken.

Notice I'm not showing the target according with theory as it'd be a -147% from breaking point and I don't think we'll get there. To be honest I don't think we'll even get to the bottom support of the triangle (yellow non-dashed line).

My idea is that price will reach next support (1442 sats ) and then range between the two supports until the reversal will start. Usually this is what happens when such patterns break down, the usual shape of the chart is like a small cup which starts going up. This process might take several weeks from now.

We'll see if I'm right. If you wanna enter wait for the dip
Comment: ZRX still plummeting as BTC pumps, soon it'll touch my second support!

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