KRAKEN:ZECEUR is currently testing the bottom of a symmetrical triangle once again. Continuation is still possible but chart is looking choppy like many alts currently. We'll see as triangle plays out in the coming days. If first level of horizontal resistance is broken it can move significantly higher. If it breaks down there are some potential support levels outlined.
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Breaking down currently. Let's see if we get a test of the first horizontal support zones. Looks like MACD is moving below 0 on the 4HR.
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Broke the first support line and moving towards the second. MACD now below 0 (4HR). If we break below 333 area we can see a bigger move down.
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Very close to the second support line. A short term bounce here is possible, if not, we go further down towards the 290+ area.
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Local support was found just above the second line. We saw a strong bounce on the hourly chart. If it holds we will likely test the resistance above in the near future.
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We touched the bottom of the triangle and retested the 350 area. Action is quite strong here. Horizontal support & resistance areas are nicely in play, creating opportunity for some short timeframe scalps.
On the larger timeframe my feeling is we might be in an accumulation zone here. Many large spoof orders pushing price up and down in the last few days. If the current daily candle holds and we don't roll over on the daily, we could substantially move higher.
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Bottom of the triangle continued to act as resistance. We crashed through the first support again and bounced from the second again as well. Still very choppy, great for scalping some moves, although liquidity is low so getting larger orders filled can be hard for this pair.
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If we break the 325 level to the downside it's likely further down to the 295 area.
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Still crossing the gap. Added trendline tracing all the way back to March 2017 below. Would be nice if we could touch it. Many lines you could draw here, but I like my charts as clean as possible.
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Still chopping along. Again, great environment for scalping smaller moves.
We might bounce off this local support once more.
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Bounced again as projected.
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Still moving sideways on low volume.
When volume returns we could see a move in either way. A slow, gradual decline is also possible. If we move below the blue trendline it would point in the direction of a multiple month bear market.
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Broke down, en route to the next stop
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Broke the support on volume and chopping along. Alot of negativity in the market currently. Let's see if we move lower and explore the lower support zones.
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Reached the blue trendline as projected. If we don't bounce here, it's down to at least the 180-200 area.
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No strong bounce yet. I think we'll chop sideways here for a while. Careful on these levels, a break further down is likely. No harm in being on the sidelines here.
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Sideways as projected.
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Crashed below the blue line and sideways in the 180-200 area.
We may move above 200 a bit here.
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This is why low liquidity is fun to trade.
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Historical levels are often respected :)
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We got rejected by the previous long term trendline.
We might consolidate around these levels before breaking it, or we roll over and start looking for a bottom again.