0x Price: ZRX Respecting FIB & Looking to Gain. Wednesday, November 14th
0x (ZRX) Respecting FIB & Looking to Gain
What Goes Up, Must Come Down
Upon the announcement that Coinbase was going to list 0x (ZRX), the price of the cryptocurrency enjoyed a short span of time that saw prices climb. However, the fervor quickly died off and the price came back down. The only problem was that the price did not stop falling and has yet to stop. Why the prices of 0x (ZRX) began their freefall is not entirely certain, but it is believed that news of possible insider trading type activities involving Coinbase and the 0x team might have played a significant role in the current downtrend.
After days of falling prices, it looks like 0x (ZRX) may be ready to make a turn for the better. While not obvious, looking at shorter term charts, 0x is respecting the 23.6 FIB level. It has now come in twice at that point, further supporting that the FIB is still valid. At this level, which is a price of roughly $0.60 USD, 0x will be in a prime position to buy, as we can expect a Pivot Reversal to occur at any time.
0x (ZRX) Buy & Sell Triggers
In the past 24 hours, 0x has fallen more than 8% already, passing marks like $0.60 USD. The 24-hour High is $0.69112 and the low, being the current price. As to the aforementioned 23.6 FIB level with price at ~$0.60, watch for a pivot reversal point to occur at any time. Once it occurs, look for conformation of the reversal at ~$.60 USD. Once this confirmation occurs, it is a prime time to buy 0x, setting your exits at 4%-5% for quick profits. For a longer position, set your exits to 7%-9%. For those that like to live on the edge, exiting at 11% is a gamble, but one that could very well pay off.
ZRX/USD Price Chart, Wednesday November 14th:
0x is by no means out of the wood quite yet. While it is respecting the current FIB levels and looks to enjoy some brief gains, there is nothing that shows a long term uptrend is approaching, so trade cautiously.
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