ZRX breaking out
Updated
Last year I've entered too soon ZRX against BTC, I made a mistake and this can happen, however I think that as DeFi are awaking again and most of alts have bottomed, this might me an actual breakout.
To keep the chart more clear I didn't draw the Fib retracement but price went udner 0.786 and now is going up again.
Unfortunately pairs against BTC are more complicated because they're affected by BTC behaviour twice but the reward it's far better. Increasing BTC right now is far more remunerative than increasing your stable coin of choice. The break out has followed a bollinger band squeeze, we have to see if volume will be enough to support it.
You can either enter now or wait until the closing of this daily candlestick, use the triangle's bottom trendiline as stop loss.
Good luck!
To keep the chart more clear I didn't draw the Fib retracement but price went udner 0.786 and now is going up again.
Unfortunately pairs against BTC are more complicated because they're affected by BTC behaviour twice but the reward it's far better. Increasing BTC right now is far more remunerative than increasing your stable coin of choice. The break out has followed a bollinger band squeeze, we have to see if volume will be enough to support it.
You can either enter now or wait until the closing of this daily candlestick, use the triangle's bottom trendiline as stop loss.
Good luck!
Note
+10% since my call however if volume doesn't rise I don't think it can sustain this break out without a retracement first. This break out has been helped as well from BTC going down, keep your eyes open and rise your stop loss!
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