0x (ZRX) Potential Profit of 100% and Beyond! (Binance)
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This is a coin I've been looking at for a while now. 0x (ZRX) is a really interesting project, taken from their website "0x is an open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain.".
In other words, it's not one of those vaporcoins that really don't have any purpose but to generate money to the creators. This is a good HODL coin as well, but we're going to use for trading this time.
ZRX woke up from its sleep last December where it went up more than 1200% in price. We've been seeing some sideways action for a while now, taking a close look it's forming a bull pennant. See the illustration of how a bull pennant usually works. My indicators are telling me this coin can go up by a lot this coming days.
We have found support on the 0.786 fibonacci line, as well as trend support stretching several days back. We have a clear resistance at 16505 that we have to push through in order to get some nice gains. Luckily for us this is a great entry point because we have some big buywalls behind us. So how do we trade this? Let's take a look....
Trading instructions:
Entry: 0.0001430 - 0.000151
Targets:
1. 0.000165
2. 0.000185
3. 0.000223
Longer term targets:
4. 0.000285
5. 0.000449
Stop loss:
0.000122 (18% risk)
If you want, you could place a stop loss just under the flag trend line if we're to go down, then you could rebuy at the lower trendline from december.
In other words, it's not one of those vaporcoins that really don't have any purpose but to generate money to the creators. This is a good HODL coin as well, but we're going to use for trading this time.
ZRX woke up from its sleep last December where it went up more than 1200% in price. We've been seeing some sideways action for a while now, taking a close look it's forming a bull pennant. See the illustration of how a bull pennant usually works. My indicators are telling me this coin can go up by a lot this coming days.
We have found support on the 0.786 fibonacci line, as well as trend support stretching several days back. We have a clear resistance at 16505 that we have to push through in order to get some nice gains. Luckily for us this is a great entry point because we have some big buywalls behind us. So how do we trade this? Let's take a look....
Trading instructions:
Entry: 0.0001430 - 0.000151
Targets:
1. 0.000165
2. 0.000185
3. 0.000223
Longer term targets:
4. 0.000285
5. 0.000449
Stop loss:
0.000122 (18% risk)
If you want, you could place a stop loss just under the flag trend line if we're to go down, then you could rebuy at the lower trendline from december.
Note
We reached our second target, resulting in about 30% if you bought at my call. Now we're seeing a "last kiss", meaning we're coming down to previous resistance (now support) before we go back up again.
If you want to refill buying here would be wise, set a stop loss 3%, should be around the 0.0001632 area.
Note
Decision time soon! Looks like a bull flag to me. MACD is flattened out, stoch point down (meaning we can retry support). I think we will touch support again and then hopefully ZRX will come to its senses and give us some juicy profit.
Trade fermée: ordre d’arrêt atteint
Stop loss reached. Will update if I find an entry again.
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