ZRX chart analysisOleg Alexandrov
3 weeks ago I wrote about #ZRX
the chart make-belief, ZRX can produce more surprise in the future.
Since that time this crypto did advance from 0.21 up to 0.34. And it is continue to climb higher.
Actually, I became skeptic about continuation of rally when price penetrated previous high 0.2666 (1). It did look very close to fake-breakout. The penetration (2) of previous high (1) with ND+SB sequences (Supply Bar after No-Demand bar) had also bearish impression. But look what did happen next.
Very low volume range (3) below 0.2666. If this low activity was caused by lack of sellers (NS) – then we will get a confirmation from upbar with rising volume – DBar.
Here is it !(4). It confirmed the low-volume range #3 as the Zone where lack of sellers were found. Market changed its character (Cha Cha) into bullish mode again.
The next signs confirms strong character:
5 – No supply
6 – Demand bar
7 – No supply
8 – DB, but volume is extremely high (sign of hidden weakness).
Breaking out above 0.3 round number attracted rush of FOMO buyers. It is great moment to close big longs and start distribution. However, it is too early to suggest Major Reversal down.
While price is holding above 0.3 green line – market is sending a bullish indications.
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