• The short-term outlook is in a downtrend while the medium-term outlook is in a range-bound market.
• Patience should be exercised during the consolidation phase.

ZRX/USD Medium-term Trend: Ranging

Supply zones: 0.3600, 0.3800, 0.4000
Demand zones: 0.2000, 0.1900, 0.1800

The cryptocurrency medium-term outlook remains in a range-bound market. The bear pressure within the range was overwhelming hence the drop in price to $02210 before the end of yesterday session forming a bearish railroad.

The 4-hour opening candle at $02280 closed bearish at $02132 with the break at the lower price range.

Price is back up at $02245 with the bulls taking over due to rejection at the demand area. with the signal of the stochastic oscillator parallel at 19% the bears may return within the range to continue the journey down south.

ZRXUSD is in consolidation and trading between $0.2500 in the upper supply area and at $0.2200 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

ZRX/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in the short-term outlook. The breakdown at $0.2300 in the lower demand area during yesterday session coupled with the retest of the broken demand area before the end of the day confirmed the downward price movement.

The bears sustained the momentum as the market open today at $02280. with a further drop in price to $0.2132 in the demand area before exhaustion sets in. The doji formed signal a trend reversal as the bulls took control and push the coin up to $02215 above the 10-EMArmation with the bears as the bears' control.

The rally may be sustained with the signal of the stochastic oscillator pointing up at 40%, an indication of upward momentum. This should be seen as a pullback before the resumption of the downward movement in the short-term.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.