ZRX looks to have also found support since breaking below.... what we can see now is the market has formed a nice inverse head and shoulders on the daily timeframe and is currently testing the strong resistance, if we see a daily close above this zone it will once again be turned support and after the correction we can drop down to lower timeframes and look for a...
Hi dear friends, hope you are well and welcome to the new update on Ox (ZRX) token.
On the 4-day chart, the price action of the ZRX has completed the bullish Butterfly pattern. There is also 100 simple moving average support in the buying zone and the 200 SMA below this zone.
0.9$ and 1$ are reliable support zones that we can buy ZRX for a quick recovery up to 1.6$ and 2$ in this May.
But if it dumps again and lose the 0.9$ zone, the 0.6$ zone will be the next target
-Buy: 0.88-0.92$. SL if B
-Sell: 1.56-1.64$. SL if A
-Sell: 1.95-2.05$. SL if A
-Sell: 0.88-0.92$ if B. SL if A
ZRXUSDT bounced on the trendline and now the price wants to test the descending channel. IF the price will have a breakout, According to Plancton's strategy (check our Academy), we can set a nice order
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
ZRX is in a good support region. Look for the control lines to take profits. Or else just use this as an excuse to go long ZRX and see what happens if you don’t enjoy sitting around all day and waiting for a breakout.
We have long opportunity once we break ~1.7687$
I'm expecting that we break above B and then test the red supply line.
Once 1.7687 becomes new support level we should go higher and break supply line all the way to 0.786 or 0.886 Fibonacci ratios D point at PCZ ~1.9369$ or ~1.9957$.
Entry: Break B ~1.7687$, back test it as support.
TP1: 0.786 - ~1.936$
ZRX is clearly in the corrective pattern. From ATH in mid-April (2.38) price went down to 1.24 when Elliott wave A has ended. From that point onwards it bounced back to 2.22 which is exactly 0.9 FIB retracement (by the book) which marked as the end of corrective wave B (also indicating this is regular flat). From that point onwards corrective wave C started and...