Cryptocurrencies

Technical analysis ZRX / BTC

ZRX seen from 1W we can see how the sail structure is in its best moment of purchase, the price is already giving us a sign of continuation of the upward trend with that important HH located at 0.00004271, indicated by the black horizontal, the price has had a long correction to complete point C where we have a bullish hammer candle, the current series of candles is managing to stay above the key demand level to have a much larger upward movement, we should start an EW movement towards the high target located within the price range of 0.00012285 – 0.00013727 indicated within the chart by the two red top horizontals.

ZRX seen from 1D timing we can look more closely at the current candlestick movement where we see an ABC pattern of correction since October 2019, the price has found the key demand area located within the price range of 0.00002398 – 0.00002657 indicated within the chart by the two green horizontal lines, the current candlestick series has been forming 2 HH and 3 HL, a quite bullish movement pattern, we should not have many problems to break the diagonal resistance that we see indicated within the chart by the yellow diagonal line, if we succeed, we could reach the daily supply located within the price range of 0.00003874 – 0.00004271, inside the chart I have drawn an ABC pattern as a possible trajectory, an inverted SHS with a bullish projection in formation, the target of the pattern is located at 0.00005893, indicated inside the chart by the red horizontal.

In conclusion, ZRX, another market at an excellent moment, the scenario is very good, we have multiple bullish signals, as long as the price remains above the demand zone indicated by the green horizontal, the price will continue to rise, let’s remember that accelerations may vary once the momentum starts, You always have to reconfigure the points marked on a chart, the current plot is based on key points and predictable movements, however, you have to take into account that there may not be an accuracy, therefore, I recommend to be very attentive to the 1D price action and always remember to place your stop losses to avoid possible invalidations during the movement.

You can follow me on Twitter: https://twitter.com/armijogarcia

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