- The short-term is in a bullish trend while and medium-term outlook is in a range-bound market.
- Patience is required during consolidation.
ZRX/USD Medium-term Trend: Ranging
Supply zones: 0.3600, 0.3800, 0.4000
Demand zones: 0.2800, 0.2700, 0.2600
The cryptocurrency medium-term outlook continues in a range-bound market. $0.3384 in the supply was yesterday high while $0.3384 in was the low before the end of the session.
Today’s market opened on a bearish note at $0.3333. Price fell to $0.3252 within the range but closed above the 50-EMA. An indication of rejection of downward price movement and the return of the bulls as confirmed d by the bullish spinning top.
ZRXUSD was up at $0.3355 as the bulls build up pressure in the demand area. The signal of the stochastic oscillator is up at 71% this suggests upward momentum in price due to the increased bullish momentums with more candles opened and closed above the two EMAs.
The cryptocurrency is in consolidation and trading between $0.3500 in the upper supply area and at $0.3100 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
ZRX/USD Short-term Trend: Bullish
The coin is in a bullish trend in the short-term outlook. The bulls attempt to dominate the market after today’s opening was short-lived. The bears took control leading to a drop in price of the coin to $0.3252 at the trendline.
Each touch on the trendline results in a bounce to the upside by the bulls. This has began with ZRXUSD already up at $0.3355. The upward movement may be sustained with the signal of the stochastic oscillator pointing up at 63%.
$0.3380 in the supply area is up for a retest as long as price stays above the EMAs and the bulls sustain the pressure on price.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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