Possible long scalp entry here.
As you know, ZRX has been on a massive bull run.
It has been following this purple fib series perfectly.
A clean bounce (Ping) off one should reach the next.
Adherence to the Fib had been "textbook" perfect.
Direction maybe unknown, but landmarks are clear.
Thus it is a matter of playing "one line at a time".
3.618 is the ideal bounce point, from above previous consolidation.
3.764 is a less likeable entry but quite plausible if bounces strong.
4.236 would be next Ideal entry, depending on how it gets there.
But caution is advised, this bull may be done.
That top looks like the classic "Bubble" scenario.
So any longs here need tight SL and close attention.
If you seeing blurry numbers, that is a rendering bug.
Click Here for a TV SnapShot with hopefully clear numbers.
I plot many Cryptos, as well as Forex and some Stocks.
Check my TV Profile Page, or hit "Follow" for updates.
As you know, ZRX has been on a massive bull run.
It has been following this purple fib series perfectly.
A clean bounce (Ping) off one should reach the next.
Adherence to the Fib had been "textbook" perfect.
Direction maybe unknown, but landmarks are clear.
Thus it is a matter of playing "one line at a time".
3.618 is the ideal bounce point, from above previous consolidation.
3.764 is a less likeable entry but quite plausible if bounces strong.
4.236 would be next Ideal entry, depending on how it gets there.
But caution is advised, this bull may be done.
That top looks like the classic "Bubble" scenario.
So any longs here need tight SL and close attention.
If you seeing blurry numbers, that is a rendering bug.
Click Here for a TV SnapShot with hopefully clear numbers.
I plot many Cryptos, as well as Forex and some Stocks.
Check my TV Profile Page, or hit "Follow" for updates.
Note
Quick Update:About 5% gains thus far, and more importantly, what looks to be a decent impulsive wave
BUT, it is almost time for EU/UK markets to open.
And they almost always sell first and ask questions later.
So need to be extra weary here, this could pullback to below our entry.
Thus a tight SL just below the 1.236 would be a good idea .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.