0x (ZRXUSD) Experiences Double Top Neckline Break and Retest
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ZRXUSD Analysis – Market Experiences Break and Retest of Double Top Neckline
ZRXUSD experiences double top neckline break and retest. The market was ascending with a trend line to reach the supply zone at $1.3390. The wicks above the zone revealed that the bulls attempted to achieve higher prices but fell short—a double top reversal pattern formed below the supply zone at $1.3390. The bears went short and passed the neckline of the double top. A retracement followed to retest the double top and bring more sellers into the market. The market experiences a sink in price after the retest of the double top.
ZRXUSD Major Zones
Supply Zones: $1.3390, $0.9300, $0.7150,
Demand Zones: $1.0760 $0.7590 $0.5060
The market dived to $0.7590 after it hit the double top neckline. It consolidated for a few days before a price increase created a new supply zone. The market faced resistance at $0.9300. The price bounced from the supply zone to the $0.7590 demand zone. The bulls attempted to violate the supply zone again at $0.9300 but failed. The retest of the supply zone was faced with a false breakout, after which the market formed a double top. The neckline of the double top was violated at the $0.7590 demand zone. A retracement followed to retest the double top. This brought more sellers into the market.
The bears went short after the retest of the double top, which exists between the $0.9300 supply zone and the $0.7590 demand zone. The market dipped further into $0.5060 to create a new demand zone. The buyers took control of the market, and the price rallied straight to $0.7150. The bulls got exhausted, and the price fell out of the zone. The new supply zone at 0.$7150 has been retested a second time. The retest is seen to be followed by forming a new double top.
What Can We Expect From ZRXUSD?
Just like the price action seen since the significant reversal at $1.3390, the current double top is expected to be tested to lead to lower pricing. The Stochastic indicates the market is still bearish both on the daily and the four-hour time frame. The Moving Average period nine also glides low above the candles on the four-hour chart, indicating bearishness. The bears aim to reach the next supply zone at $0.5060.
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