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After massive amounts of hype and action post Coinbase listing, ZRX movement has been slowwww in a corrective wave with very volume the last several days. That tells me there is massive move brewing. All of its Coinbase counterparts have been pumping the last few days and now the little brother should start to play catch-up. As we can see here on the daily chart $ZRX is testing the neckline of an inverted Head & Shoulders , which indicates a potential reversal from the prior corrective movement. The 50 & 100 day MA's are converging as support along with the neckline of the Inv 0.65% H&S . A bounce from these 3 supports with decent volume should take this up to the 200 day MA with a target of $0.90- 0.93 and possibly a retest of the recent high @ 1.098 if it gets above the 200MA.
If this level does not hold, ZRX may end up retesting lower support levels at 0.63-0.60
TA Points:
- Neckline of the Inv 0.65% H&S acting as support
- 50 day MA crossing up through the 100 day MA both acting as support
- Currently at the .786 Fib level from the last movement up from 0.66 to 1.098
My Trade for Coinbase or Bitfinex:
Long @ 0.76
Stop Loss @ 0.72
Target @ 0.90
After massive amounts of hype and action post Coinbase listing, ZRX movement has been slowwww in a corrective wave with very volume the last several days. That tells me there is massive move brewing. All of its Coinbase counterparts have been pumping the last few days and now the little brother should start to play catch-up. As we can see here on the daily chart $ZRX is testing the neckline of an inverted Head & Shoulders , which indicates a potential reversal from the prior corrective movement. The 50 & 100 day MA's are converging as support along with the neckline of the Inv 0.65% H&S . A bounce from these 3 supports with decent volume should take this up to the 200 day MA with a target of $0.90- 0.93 and possibly a retest of the recent high @ 1.098 if it gets above the 200MA.
If this level does not hold, ZRX may end up retesting lower support levels at 0.63-0.60
TA Points:
- Neckline of the Inv 0.65% H&S acting as support
- 50 day MA crossing up through the 100 day MA both acting as support
- Currently at the .786 Fib level from the last movement up from 0.66 to 1.098
My Trade for Coinbase or Bitfinex:
Long @ 0.76
Stop Loss @ 0.72
Target @ 0.90
Comment:
Trade got stopped out. I bought back in @ .72 with a tight stop @ .69
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