Hello everyone :) This is my third idea regarding ZRX and as I always like to say, third time's the charm! I finally feel confident enough to put a buy zone on my chart. More data has rolled in, and it's very clear buyers are beginning to take control.
As ZRX approaches the 6k psychological sat area, keep a very close eye on how the RSI reacts in the daily timeframe.
First of all, ZRX is in a massive nearly year-long bullish falling wedge. Weekly RSI is creeping down to oversold zone, but at a very very slow pace. (Pretty much the only reason so far that I can see ZRX POSSIBLY breaking 5k sats.) Daily RSI has been bullishly diverging since early February. Also, daily RSI has been printing higher highs and higher lows with price continually falling. This is a very good sign as it is showing buyer strength is growing.
Daily MACD shows a bearish crossover insinuating further downside. Weekly MACD shows very even pressure at the moment, and is beginning to curl upwards for the first time since late 2018.
Alongside that, I drew a fib retracement on the chart to show where the current rejection could subside. The 1.618 extension is at 5,828 meanwhile the 2.618 is located at 4,951. The 1.618 extension has confluence of price support on the weekly chart, where a candlebreak happened:
Candles on the weekly are interesting to say the least. Last week, a very large pump occurred where ZRX was able to reach just slightly above the 9 MA. This candle was clearly rejected, but formed a massive inverted bullish hammer. This is another sign that buyers are in the area. I actually suspect this was the move of one large whale re accumulating market share.
With the accumulation I'm seeing, the divergence in the RSI, the weekly convergence in the MACD, the fact that a sizable whale just accumulated market-share... I think ZRX is actually much much closer to reversal than I originally thought. The buy zones shown on the chart are only my opinion, please keep that in mind. IF these buy zones were to break, next stop is 4k sats.
TLDR: I have a feeling ZRX AT LEAST bounces at 5,828, then finds its final low around 5k/5,200 sats. There is a small chance 5,828 could be the reversal point but I am expecting 4,951/5,285 to be the final low for a capitulation selloff.
Good luck :)
Bình luận
⋅
If the weekly candle can close as a spinning top or bullish hammer, we may not even reach the lower end targets before at minimum a bounce. I still believe ZRX has a bit further to fall, but in my experience, when I start turning bearish on a coin again is usually right when it reverses. We will see.
Bình luận
⋅
Call me a masochist here... But I really want to see how ZRX will react as it enters oversold on the weekly. I pray it happens just for this reason alone, lol.
Bình luận
⋅
Technically, it's a legit breakout. I'm suspect though because it really ain't doin shit! Is this truly the disbelief phase of the market, or one giant trick?
Bình luận
⋅
Seeing what the market is up to right now got me back at my PC faaaaaast doe. LUL Thought we lost this ascending channel, turns out it was a bear trap. Whether it's THE bear trap or not, IDK, but ZRX is showing some seriously strong signals at the moment. Weekly:
Bình luận
⋅
Holy moly.
Even though this is the 15m chart, this is incredibly impressive. QUADRUPLE RSI bottoms, with price bottoms continually rising.
waaaaow
Bình luận
⋅
The divergence showing on lower timeframes is pretty severe, and we're right at crucial resistance so I think we could soon see a retracement if this resistance doesn't break.
For now, however, ZRX is holding a beautiful ascending channel and it looks like hourly RSI is being squeezed. Should produce a fat breakout either up or down but considering this coin is bullish right now my guess is we're going up. ZRX is outright ignoring some pretty severe divergences in this channel so if it can break current resistance with authority we're gonna FLY.
New to TA so thanks for this analysis! ZRX has a strong fundamental use-case, the explosion of growth around DEX and DEX Coins also look very promising long term.
deactivatedaccount123
⋅
@jhmblvd, Heck yes my friend, I believe ZRX will be a big one eventually! :)
As far as TA is concerned, dude, LEARN as much as possible. It will save your life in this market.
keifer
⋅
Finally finally? :P
deactivatedaccount123
⋅
@keifer, Yep. I'm 100% positive ZRX will not break 5k sats, and if it does, it will be a very extreme wick.
She's close man, and when she decides to move, holy moly. Can't wait. This will be a very long term hold for me I think.
keifer
⋅
@MC_Peewee, I hope so for your enthusiasm and commitment. Only the best for you dude! Good Luck. It will go up...when? Patience and time, HODL.
deactivatedaccount123
⋅
@keifer, Meh. When it comes to enthusiasm and commitment, I just love analyzing and charting. It gives me something to do with the majority of my free time. Hoping to do it for a profession within the next few years.
The money can come later...But for now I want to get better at analysis. I have called some extreme reversals on BTC in the past so hopefully this time I can do it on a large name alt ;)
Yes, it will go up, that I am very sure of.
Thanks for the comment bruh.
keifer
⋅
@MC_Peewee, Good luck with the trail ahead of you bud. Head down and ass up.
deactivatedaccount123
⋅
@keifer, That's insinuating I'm going to get screwed, lol..