0x (ZRX) Long Setup - Gap Entry With Supporting Technicals
0x (ZRX), a leading decentralized exchange protocol.
Not a bad entry at current rate (a nibble to start building a position is acceptable).. but it looks like optimal entry will be between .886 (3387) and the 1hr gap level at 4435.
Technicals:
1) Momentum:
*RSI in oversold zone (24.5), still looking bearish.
*W%R oversold.
*MACD bullish divergence is setting up, showing higher lows and higher highs.
2) Price:
*Well in to our acceptable Reload Zone (.618 - .786 fib retracement).
*V bottom adding to my belief we're not quite at the bottom yet. We should at least revisit the long tail at the previous low of 4710.
*Inching its way down to a big 1hr gap level at 4435 (we've got bids set around here..) A move down to this level or even as low as the .886 tag (3387) would make sense.
*Falling wedge continuing to form and compress, indicating a bullish breakout in the near term.
3) Volume:
*Still much more selling than buying going on daily.
*OBV indicating further money outflows with no signs of a bottom yet. If anything, recent increase in price and bearishness in OBV confirms further a short term bearish divergence and leads me to believe price is weaker than what we're told to believe.
Profit taking:
Selling 50% each time value doubles with additional sells in the 13.3K - 16K zone.
Not a bad entry at current rate (a nibble to start building a position is acceptable).. but it looks like optimal entry will be between .886 (3387) and the 1hr gap level at 4435.
Technicals:
1) Momentum:
*RSI in oversold zone (24.5), still looking bearish.
*W%R oversold.
*MACD bullish divergence is setting up, showing higher lows and higher highs.
2) Price:
*Well in to our acceptable Reload Zone (.618 - .786 fib retracement).
*V bottom adding to my belief we're not quite at the bottom yet. We should at least revisit the long tail at the previous low of 4710.
*Inching its way down to a big 1hr gap level at 4435 (we've got bids set around here..) A move down to this level or even as low as the .886 tag (3387) would make sense.
*Falling wedge continuing to form and compress, indicating a bullish breakout in the near term.
3) Volume:
*Still much more selling than buying going on daily.
*OBV indicating further money outflows with no signs of a bottom yet. If anything, recent increase in price and bearishness in OBV confirms further a short term bearish divergence and leads me to believe price is weaker than what we're told to believe.
Profit taking:
Selling 50% each time value doubles with additional sells in the 13.3K - 16K zone.