0x was a much hyped coin upon its release into the exchanges in late August. It initially sat nicely above the 33c mark, before falling with the majority of other coins. The price then broke out of this downtrend in late September, signalling the start of a consolidation period. The price has since been consolidating in a ascending triangle, which gives me the feeling that the price is going to break to the upside.
If this does happen, it looks like we may see some resistance at the 30c mark, roughly half way up the downtrend. We could see a slight retracement here before potentially breaking this resistance line and heading for 33c, another major area. If we are in a bull run, the price may consolidate here for a little while before continuing up. This could be a good spot to pick up some more bags, or secure some profits for short term traders. For this to happen I would like to see the RSI confirm above the blue line (around 60). If it can do this I will be very bullish on 0x. Since opening on Poloniex, it has failed to sit above this area for a decent amount of time
If we are to break to the down side of this current consolidation period, then we will reassess. I'm in as a long term investment so I will be looking to pick up more bags if this does occur.
If this does happen, it looks like we may see some resistance at the 30c mark, roughly half way up the downtrend. We could see a slight retracement here before potentially breaking this resistance line and heading for 33c, another major area. If we are in a bull run, the price may consolidate here for a little while before continuing up. This could be a good spot to pick up some more bags, or secure some profits for short term traders. For this to happen I would like to see the RSI confirm above the blue line (around 60). If it can do this I will be very bullish on 0x. Since opening on Poloniex, it has failed to sit above this area for a decent amount of time
If we are to break to the down side of this current consolidation period, then we will reassess. I'm in as a long term investment so I will be looking to pick up more bags if this does occur.