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

2 596
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).
Nota
Here we are, with a kiss of the top boundary of our support zone syot kilat

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So we got a decent bounce off the bottom boundary of support syot kilat 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 syot kilat 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 syot kilat ie: Fib still confirming, and the 3.618 still looks like a good target.

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Almost there, watching closely syot kilat

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Pierced that first resistance with authority. syot kilat 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 syot kilat

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Retraced to the Blue 2.236 syot kilat 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 syot kilat

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

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New fib of second bounce syot kilat 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 syot kilat 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 syot kilat

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

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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

Penerbitan berkaitan

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.