0x / BitcoinLong
Is ZRX breaking out?
This correction and consolidation after the last rally was expected and healthy. I've been biding my time watching this in its consolidation since the May 23rd high of 0.000216 with lower highs and higher lows forming a converging triangle with the rising uptrend. This evening, ZRX started breaking out of the resistance line.
At this time, we await the completion of the 4-hr timeframe outside this resistance line and the trend is bullish (as highlighted by the StochRSI, which is on a very strong bullish momentum. On the 1-day chart the MACD shows a buy signal has also formed. In less than an hour the trend should be confirmed, unless ZRX falls back under the resistance line. In that case, the rising uptrend and the downsloping resistance should likely lead to a squeeze and a breakout soon.
The broader recovery today, however, is indicative that this uptrend could be buoyed and continue for some time. You can see that the last two rallies lasted well over 40 days. This last correction/consolidation period was relatively short, but that isn't sufficient reason for us to be stuck in a corrective period.
What do you guys think? What are your reasoned estimates?
[This is only for educational purposes and not financial advice.]
At this time, we await the completion of the 4-hr timeframe outside this resistance line and the trend is bullish (as highlighted by the StochRSI, which is on a very strong bullish momentum. On the 1-day chart the MACD shows a buy signal has also formed. In less than an hour the trend should be confirmed, unless ZRX falls back under the resistance line. In that case, the rising uptrend and the downsloping resistance should likely lead to a squeeze and a breakout soon.
The broader recovery today, however, is indicative that this uptrend could be buoyed and continue for some time. You can see that the last two rallies lasted well over 40 days. This last correction/consolidation period was relatively short, but that isn't sufficient reason for us to be stuck in a corrective period.
What do you guys think? What are your reasoned estimates?
[This is only for educational purposes and not financial advice.]
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