Bearish Engulfing Pattern
Hello, hope all is well and everyone is healthy.
I wanted to update all of you on my thought of ZRX. So looking at the 1 day chart there is a bearish engulfing pattern, a sign of a large downtrend. Couple this with the fact that BTC, whose behavior effects ZRX, is in a bearish flag and despite a decent amount of volume the price is struggling to keep any upward momentum without being pushed back very quickly- a sign of an emerging bearish trend. I will add that looking at the RSI for ZRX, it is very high(70 at this moment) even with a substantial decline in price. Which again, is bearish. Bumming people out is not my goal here, I am just making a couple simple observations and want to share because in the short term, the next two weeks or so, there is definitely a chance crypto turns into a bear market. Because of the halving, there is no doubt in the long run we will see very large price increases and an ensuing bull market. These things take time though, months or more to fully play out. It wont happen over night. With that said, I could absolutely be wrong(see quote below) so make sure you do your research and prepare yourself and be safe trading guys. 👍🏻
There is a very famous saying in trading- "The markets can stay irrational longer than you can stay solvent". Remember that.
Who knows what the market will do, I am simply speculating one thing it could do, please do not trade based on this.
Thanks for reading,
- Max K.
I wanted to update all of you on my thought of ZRX. So looking at the 1 day chart there is a bearish engulfing pattern, a sign of a large downtrend. Couple this with the fact that BTC, whose behavior effects ZRX, is in a bearish flag and despite a decent amount of volume the price is struggling to keep any upward momentum without being pushed back very quickly- a sign of an emerging bearish trend. I will add that looking at the RSI for ZRX, it is very high(70 at this moment) even with a substantial decline in price. Which again, is bearish. Bumming people out is not my goal here, I am just making a couple simple observations and want to share because in the short term, the next two weeks or so, there is definitely a chance crypto turns into a bear market. Because of the halving, there is no doubt in the long run we will see very large price increases and an ensuing bull market. These things take time though, months or more to fully play out. It wont happen over night. With that said, I could absolutely be wrong(see quote below) so make sure you do your research and prepare yourself and be safe trading guys. 👍🏻
There is a very famous saying in trading- "The markets can stay irrational longer than you can stay solvent". Remember that.
Who knows what the market will do, I am simply speculating one thing it could do, please do not trade based on this.
Thanks for reading,
- Max K.
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