0x (ZRXUSD) Prepares to Go Lower
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ZRXUSD Analysis – Price Prepares to Go Lower in a Bearish Movement
ZRXUSD prepares to go lower as price movement increases in momentum. ZRX breaks lower and is seeking another significant price level before the reversal is set in. The bears prepare to trend lower after breaking through the $1.000 significant price level. The more the momentum, however, increases, the price will trend lower. Following this downward trend, ZRX is therefore anticipated to move lower to the $0.800 significant price level. From this level, the market will therefore go lower or a reversal will set in.
ZRXUSD Key Levels
Resistance key levels: $1.300, $1.150
Support Key Levels: $1.00, $0.800
The market was first distributed by the buyers, gaining maximum strength to break above the $0.800 significant price level. Due to an increase in price momentum, the buyers pushed the price upward, breaking the $1.000 significant price level. There happens to be a pullback at this level before the market finally escalates up to the $1.300 significant price level. A sudden fall was evident at this level as a result of sellers’ accumulated strength for themselves. Price liquidity fell to the $1.000 significant price level before a retest finally occurred.
The buyers then struggled to push funds a little and the price went back to retest the $1.150 significant price level before trending lower. As the price eventually dropped to $0.800, there happens to be a reversal. ZRXUSD is now seen trending lower after buyers have succeeded in pushing it upward. The MA (Moving Average) indicator is about to give a golden cross. This implies that the market is expected to keep moving in a downtrend. The momentum indicator shows price is trading lower after a buyers’ reversal.
Market Expectations
On the 4hour chart, the market is preparing to move lower. The bears are ready to take control of price movement. Following price accumulation at the $1.000 significant price level, ZRXUSD is expected to go beyond the $0.800 significant price level as the momentum increases. The MA has shown across and the price is assumed to keep trending lower. The MA, however, confirms the bears’ rally and we anticipate price movement downward. The momentum indicator also indicates that the bears are still in control and are ready to push ZRX lower.
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