ZRX/BTC (Ox token exchange/Bitcoin) Down Move In Progress.
ZRX/BTC analysis by Michael Mansfield, 05/15/18 written 8:30 PM EST published 9:28 PM
Ox decentralized exchange token, ZRX/BTC, has had a nice run during two significant up waves since November, 2017. However, this last wave up looks like the up move is over or now, or possibly one more up wave to complete this bull market runup. Either way, it is likely to continue lower for now, with minimum downside targets 0.0001693, the lower channel support lines sloping down (black), with 0.0001550 being the Andrews Pitchfork's lower fork support line (green forks sloping up), that should hold for at least a bounce at one of those price points. Supporting this view is that the 192 bar moving average
on the 12 hour chart (720 minutes) should be at the area of the lower fork by the time the market gets there.
ELLIOTT WAVES:
If you include the candlestick wicks (chart on the right), the two large up moves and intervening down move are ugly, with many overlapping highs and lows. That should mean that this entire set of moves is just a large ABC correction in Elliott Wave terms, with the recent high a large Wave (C) top. Without the wicks, it is more debatable, but still not perfectly clear. Such is the case with many young crypto tokens.
CYCLES:
The shorter-term cycle (red) has topped while the longer-term cycle (blue) is in the topping window now. So, we are at or close to a major top in this digital token.
Could that mean that the general crypto market is about to enter another bear phase, or is it that another exchange is about to steal clients away or reduce customer growth at this exchange? We shall see which one it is.
VOLUME FORCE:
The Klinger Volume Force Oscillator says volume on the last leg up and the final few waves were very weak volume wise. So the last leg up was likely just a fluffy ABC upward correction without a lot of new buying. Apparently there were fews profit takers so it simply floated higher, not because up volume was increasing.
Traditional analysis says lower prices are coming, at least to the 0.00016-0.0001550 area. A bounce from there is likely, but how big that bounce it will be, and the wave structure and volume, will be the key for a future projection up or down from there. Don't count on much, unless dramatically more up volume develops to take ZRX to one more high.
NOTE: There was decent momentum on the last up move. But, without volume to confirm a move, do not count on much more follow through.
ANGULAR MOMENTUM:
Look at the dashed green and dashed red trend-lines on the chart on the right. They show changes in what I call "Angular Momentum," that I got from quantum physics. Note that typically at market lows, the lower red trend-lines will change slopes to show a slowing of the downward angular momentum. Conversely, at as the market moves up, the dashed green trend-line shows that angular momentum off the swing highs will tend to increase on the way up, until typically the last one or two swing highs, where we will usually see the slope angle drop off sharply. However, rtis did not
occur at the recent high, leaving the possibility of one more high.
The same thing happened with the January high in the SP500, leaving the possibility of one more high there as well, but not the certainty of one.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Ox decentralized exchange token, ZRX/BTC, has had a nice run during two significant up waves since November, 2017. However, this last wave up looks like the up move is over or now, or possibly one more up wave to complete this bull market runup. Either way, it is likely to continue lower for now, with minimum downside targets 0.0001693, the lower channel support lines sloping down (black), with 0.0001550 being the Andrews Pitchfork's lower fork support line (green forks sloping up), that should hold for at least a bounce at one of those price points. Supporting this view is that the 192 bar moving average
on the 12 hour chart (720 minutes) should be at the area of the lower fork by the time the market gets there.
ELLIOTT WAVES:
If you include the candlestick wicks (chart on the right), the two large up moves and intervening down move are ugly, with many overlapping highs and lows. That should mean that this entire set of moves is just a large ABC correction in Elliott Wave terms, with the recent high a large Wave (C) top. Without the wicks, it is more debatable, but still not perfectly clear. Such is the case with many young crypto tokens.
CYCLES:
The shorter-term cycle (red) has topped while the longer-term cycle (blue) is in the topping window now. So, we are at or close to a major top in this digital token.
Could that mean that the general crypto market is about to enter another bear phase, or is it that another exchange is about to steal clients away or reduce customer growth at this exchange? We shall see which one it is.
VOLUME FORCE:
The Klinger Volume Force Oscillator says volume on the last leg up and the final few waves were very weak volume wise. So the last leg up was likely just a fluffy ABC upward correction without a lot of new buying. Apparently there were fews profit takers so it simply floated higher, not because up volume was increasing.
Traditional analysis says lower prices are coming, at least to the 0.00016-0.0001550 area. A bounce from there is likely, but how big that bounce it will be, and the wave structure and volume, will be the key for a future projection up or down from there. Don't count on much, unless dramatically more up volume develops to take ZRX to one more high.
NOTE: There was decent momentum on the last up move. But, without volume to confirm a move, do not count on much more follow through.
ANGULAR MOMENTUM:
Look at the dashed green and dashed red trend-lines on the chart on the right. They show changes in what I call "Angular Momentum," that I got from quantum physics. Note that typically at market lows, the lower red trend-lines will change slopes to show a slowing of the downward angular momentum. Conversely, at as the market moves up, the dashed green trend-line shows that angular momentum off the swing highs will tend to increase on the way up, until typically the last one or two swing highs, where we will usually see the slope angle drop off sharply. However, rtis did not
occur at the recent high, leaving the possibility of one more high.
The same thing happened with the January high in the SP500, leaving the possibility of one more high there as well, but not the certainty of one.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Trade active:
Hi trader friends, I wanted to say that I always like to start out by saying, "Hi trader friends." However, this is the second time I left it out do to time pressure. I truly appreciate your outputs and any comments you make as well. Cheers!
Trade active:
0x/BTC UPDATE: I apparently used the letter "O" not zero "0" in the 0x/BTC cycle and Elliott Wave post. I am adding this comment in the event people are searching for 0x/BTC or 0x/USD price forecasts. MM