ZRXUSD formed a beautiful head and shoulders pattern inside a falling channel. If this pattern confirms it could go down towards 0.25 - 0.26USD for finding new support. Still waiting for the pullback to finish. like the title says, be patient!
I've been posting similar head and shoulders charts of ETC and BTC for many days. It's amazing to me that almost everyone is only able to see the inverse head and shoulders that is countertrend but almost no one admits we're looking right at a head and shoulders that's on the right shoulder and goes with the trend. I've been scaling in short as the HS patterns have been forming and pretty much expect a big dump out in a day or two. Maybe in an hour or two.
UnknownUnicorn1308099
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@mljones, i´m expecting the same, waiting also for this to happen . the "masses" are overall to excited in my opinion. but we´ll see how it works out in a couple days i hope.
aceman0920
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broke the neckline and went bullish..invalidated?
PGT2
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@aceman0920, I think you have to be careful comparing ZRX to USD because it tends to follow BTC's price action very closely. Compared to BTC you can see that the H&S pattern seems to have completed and is undergoing some sideways movement at the moment so you can't say yet that it's invalidated because it has gone bullish. It may still become invalidated, who knows, but I am with @Michael_Lukas for now as that seems like a likely scenario to me at the moment.
PGT2
PGT2
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@aceman0920, same picture of ZRT BTC on the daily chart showing the possible head and shoulders and the descending channel we seem to be moving in at the moment.
UnknownUnicorn1308099
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@PGT2, thank you for your contribution!
seems to me that zrxusd will go for a double bottom first (also look at macd), then will hopefully break out of this giant triangle and go to the top trendline of the channel. So 0.27 is still on.