0x (ZRXUSD) made an impressive price jump yesterday after making contact and rebounding on the 1D MA50 (blue trend-line). This chart is on the 1D time-frame but the RSI below is on the 1W while also the 1W MA50 (red trend-line) is displayed.
As show, the Bear Cycle since the April 10 2021 High has been dictated by a Lower Highs trend-line. Right now the price is...
A bullish rejection for 0x can be seen on the USD pair at the 0.618 Fibonacci level, this is promising
On the BTC pair a double bottom can be seen within a sort of horizontal wedge structure
It seem that the S/R levels are pretty solid and have been respected by the price for many times, the lines have been drawn perfectly and the price is right at the bottom. Its time to buyyy👏🏻
- Low Time Frames (LTF) have healthy volume coming in, which is what I wanted to see at this level.
- Looks like a C&H is forming on 1D chart
- It had its pump several weeks ago and since then has cooled off, I think it's ready to make its move back up & reclaim
Trade invalidated if we close below the 2800 support. I anticipate BTC will go sideways for awhile...
Based on the RSI pattern (around the overbought zone) I expect a sharp increase if the 1D MA200 breaks. The same RSI pattern is seen in the past (Dec 2017 - Jan 2018 and April 2018) and on both occasions a strong rise followed (+1600% and +360% respectively). The less optimistic scenario puts the target tag at 0.00006500.
