ALTCOIN OF THE WEEK: ZRXBTC 4H chart to set things
ZRXBTC 4H UPDATE - 23/04/2018
A cycle ended at 19/03/2018 low and since then we had 3 sequences to the upside in a new cycle. Equal leg area is at 11,772-12,889 so I expect one marginal new high from current level above 11,600 with RSI divergence intact in the last sequence (see 1h chart) to confirm a motive 5 waves.
So from here or slightly higher, we could see a correction of the all cycle from 4,922 low OR
a continuation to the upside to complete the current cycle if RSI makes new high as well (alt view).
So, for trade setup purposes, this leaves me with nothing much to do in this time frame. For those following me, they know I bought longs 5,850 and sold those at 10,920 so I will not chase here and will certainly not sell short!
As long as cycle is alive (check RSI uptrend line) above 7,037, we can expect higher, if cycle ends, I will look forward to buying a clear corrective 3 waves from the high.
Invalidation level to the upside is 7,037.
Every week, for one particular altcoin, in addition to the charts that I upload on TradingView, I will put the comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 22/04/2018-28/04/2018, I propose ZRXBTC
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
A cycle ended at 19/03/2018 low and since then we had 3 sequences to the upside in a new cycle. Equal leg area is at 11,772-12,889 so I expect one marginal new high from current level above 11,600 with RSI divergence intact in the last sequence (see 1h chart) to confirm a motive 5 waves.
So from here or slightly higher, we could see a correction of the all cycle from 4,922 low OR
a continuation to the upside to complete the current cycle if RSI makes new high as well (alt view).
So, for trade setup purposes, this leaves me with nothing much to do in this time frame. For those following me, they know I bought longs 5,850 and sold those at 10,920 so I will not chase here and will certainly not sell short!
As long as cycle is alive (check RSI uptrend line) above 7,037, we can expect higher, if cycle ends, I will look forward to buying a clear corrective 3 waves from the high.
Invalidation level to the upside is 7,037.
Every week, for one particular altcoin, in addition to the charts that I upload on TradingView, I will put the comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 22/04/2018-28/04/2018, I propose ZRXBTC
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Would wait to confirm preferred view.