0x/Bitcoin (ZRXBTC) Broker Burns up?

24 giu 2018

0x/Bitcoin (ZRXBTC) 4-Hour Bars, Normal Scaling, 06/24/18, Written 12:35 a.m. EST, by Mike Mansfield

Hi trader friends, we have 0x Protocol under an Andrews 0.618 support line & the Fibonacci 0.618 retracement, with only 3 of 5 waves completed on the downside, so there should be a bit more to come. After the expected low, larger bounce is due, preferably from a bit lower at 0.000008585 area, where I show a green arrow turning up. But, this broker/exchange technology is not catching fire lately, while Bianance has been killing it (see past recos).

ELLIOTT WAVES: CORRECTION or IMPULSE?:
This looks more like a giant correction down. Here’s why:

• Angular momentum down on Wave (A) is steeper than the angular momentum down on Wave (C), at least thus far.
  
• Even Wave 3 of (A) is steeper than Wave 3 of Wave (C).
  
• Therefore, Wave (C) is LESS likely to be an Impulse wave. Instead, we are likely in a Wave (C) correction.
  
  CYCLES:
  
• Red cycle in trough phase, with actual trough on 06/20/18. Blue cycle is still heading down.
  
• This often means a big bounce is due, but maybe not a new uptrend yet. Price is more important than time.
  
• Red cycle tops again on 08/08/19, so you'll likely want to be out of any longs before that.
  
• Blue cycle bottoms in early October, 2018, along with some other large cycles in BTC.
  
  DIVERGENCE:
  Both RSI(9) and MACD have bullish divergence suggesting the low is getting near.
  
  TARGET UP:
  Upside bounce target is the prior Wave IV area, likely launch from the next Andrews Pitchfork and FIBO intersect line, both shown by the green arrows.
  
  BOTTOM LINE:
  Possible short-term tradeable low coming. There should be another short sale opportunity, at the prior Wave 4 horizontal black line area, after the expected big bounce.
  
  Have a great week!
  
  DISCLOSURE:
  This analysis is meant for educational purposes only. You trade at your own risk!
  
  Cheers!
  
  Michael Mansfield CIO