• The short-term is in the bullish trend while the medium-term outlook is in a range-bound market.
• Patience is required for trading the consolidation.

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 continues in a range-bound market. With the bears in control as the market opens today at $02241, price fell further to $02078 beyond the lower demand at $02200. The close of the candle within the range coupled with the wick implies trend reversal as the bulls stage a return.

The rally was sustained with the ZRXUSD initially up at $02255. Increased bullish momentum pushed the price further p to $02301 within the range.

Price is above the 10-EMA and the signal of the stochastic oscillator is pointing up at 45% an indication of upward momentum in price within the range in the medium-term.

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: Bullish

The cryptocurrency is in a bullish trend in the short-term outlook. The retest at the key demand area shortly after today’s opening’s confirmed the uptrend continuation in the short-term. $02255 was the initial high after the breakout from the two EMAs.

Increased bulls sustained the momentum up north with $02300 in the supply area retested.

Price is above the two EMAs with the stochastic oscillator at 36% suggesting a minor drawdown before uptrend continuation.

$02320 in the supply area is on the horizon as the pressure on the coin becomes stronger 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.