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ZRX.USD approaching 1st possible Support: 0x Retrace Watch 1

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Quick post to observe price action around a probable support zone.
What happens here will be telling of strength of the downward wave.
I expect a significant bounce here, if not we go much much deeper.

This is a follow up to my previous Warning of a Top (click).
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Here we are, with a kiss of the top boundary of our support zone istantanea

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So we got a decent bounce off the bottom boundary of support istantanea Immediate resistance now is 27.5 cents, with a tight confluence of several fibs.

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Bounce looking pretty good so far, has a clear Fib rhythm to it istantanea and points to a clear resistance coming, at 0.2818xxx
Lets see if we get there (I think we will), and the reaction there (rejection or pierce).

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Noticeable reaction at the blue 2.618 istantanea ie: Fib still confirming, and the 3.618 still looks like a good target.

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Almost there, watching closely istantanea

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Pierced that first resistance with authority. istantanea Next is a Cluster of fibs, covering a pretty wide price range. Expecting it will take a few tries to work through that zone.

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ZRX showing its fellow alts how to walk up a fib stair case istantanea

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Retraced to the Blue 2.236 istantanea It "should" bounce here if bull wave is to continue.

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Pulling back prertty hard now, but approaching the 1.618, which should offer some support istantanea

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Uh Oh, this rejection off the 2.236 is not a good sign, istantanea the 1.618 really needs to hold now.

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New fib of second bounce istantanea but the rejections from subsequently lower fibs is not a good sign full bulls.
Need to push past Band 3 above, asap.

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Support still holding, and the bounces off subsequently higher fibs is a good sign istantanea but bulls are having a tough time gaining momentum.
Currently painting a Triangle or "Pennant". I guess patter traders would expect a continuation downward from this triangle, but let see.

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Heads up: we are approaching possible Wave End points istantanea

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ZRX just keeps on going, especially after a clean retest of resistance istantanea Looks like we might nearing a top but let see

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EuroMotif
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the Golden Ratio is my Religion
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FibonacciSupport and Resistance

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FibonacciSupport and Resistance
EuroMotif
Mod
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Pubblicazioni correlate

Declinazione di responsabilità

Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.