ZECUSD; Double and rounding bottom
A double bottom started off some upside, also as the RSI indicator did not confirm the lower lows. And with the latest rise, a rounding bottom can be seen also.
What is lacking is the breakout above horizontal resistance around 227/228 which served as support back in May. A better move above this area should trigger a leg up where the 300 area is the projected target short-term. In a wider view, the first significant Fibonnaci level is seen around 400.
With the possible bullish indications, a rise above 227/228 is likely near term but today there is a little setback from resistance again. Look for support on dips around 205 and especially the Bollinger Bands midline around 185. Bulls should defend there to keep there chances.
What is lacking is the breakout above horizontal resistance around 227/228 which served as support back in May. A better move above this area should trigger a leg up where the 300 area is the projected target short-term. In a wider view, the first significant Fibonnaci level is seen around 400.
With the possible bullish indications, a rise above 227/228 is likely near term but today there is a little setback from resistance again. Look for support on dips around 205 and especially the Bollinger Bands midline around 185. Bulls should defend there to keep there chances.
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