0x ProtocolLong
Big Breakout Incoming For ZRX?
Updated
Hello! Thanks for checking out my idea.
Keep in mind for these to occur we need to hold the bottom of the Heads support lines on both the small and large Inverse H&S . We should also see big spikes in volume from the breakout of the neckline. You have to watch for that. It's a key element for it to work. I feel like it's possible this all happens within a relatively short time frame in comparison to each other. So something like the ghost bars show. I believe that because the small inverse H&S should thrust the price onto the large Inverse H&S's neckline. We may see a few days worth of consolidation before the bigger breakout, but I'd personally feel better about the breakout if we kept that momentum.
Another thing to note, if you zoom out on a lot of the bigger alt coins many of them have a similar Inverse H&S pattern. Some are not as perfect but they're there. I even made an analysis for XRP's Inverse H&S . Coincidence? I think not. I feel like a big breakout is brewing for the market. I'll update this idea with a list of the coins that have a similar pattern when I can.
Keep in mind this analysis could be wrong. Maybe there is something I'm missing. Take the idea with a grain of salt and make your own judgements. Keep your money safe and set a stop-loss!
Keep in mind for these to occur we need to hold the bottom of the Heads support lines on both the small and large Inverse H&S . We should also see big spikes in volume from the breakout of the neckline. You have to watch for that. It's a key element for it to work. I feel like it's possible this all happens within a relatively short time frame in comparison to each other. So something like the ghost bars show. I believe that because the small inverse H&S should thrust the price onto the large Inverse H&S's neckline. We may see a few days worth of consolidation before the bigger breakout, but I'd personally feel better about the breakout if we kept that momentum.
Another thing to note, if you zoom out on a lot of the bigger alt coins many of them have a similar Inverse H&S pattern. Some are not as perfect but they're there. I even made an analysis for XRP's Inverse H&S . Coincidence? I think not. I feel like a big breakout is brewing for the market. I'll update this idea with a list of the coins that have a similar pattern when I can.
Keep in mind this analysis could be wrong. Maybe there is something I'm missing. Take the idea with a grain of salt and make your own judgements. Keep your money safe and set a stop-loss!
Note
Coin 2: Bitcoin Cash, 4h time frame.
Note
Coin 3: XRP
Note
Coin 4: Augur(REP)
Note
Coin 5: Algorand(ALGO)
Note
Coin 5: Algorand(ALGO), sorry dumb copy button didn't copy.
Note
Coin 6: Ethereum Classic(ETC)
Note
Some are more convincing and cleaner than others, but I think you get the picture. My current theory is that many coins in the market have bottomed out, and this is the reversal pattern being formed.Note
I believe we've broken the small H&S pattern, but its still holding onto a flag formation. More downside from here will most likely break it as well, but it can be saved if we begin to move up.Note
Note
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.