Now I have a question in my mind about $ZKP :
After getting rejected from the same resistance so many times, is anything really going to change this time ?
ZKP has been moving in a falling structure since late June. But one thing has been noticeable the whole time - the green support trendline has held every dip so far. That is, even though sellers have put pressure on it, buyers have not completely moved away. And now the price is again near the 0.0475 – 0.0495 resistance zone, currently around 0.04853. This is the real test. Because the price has rejected this ceiling 4–5 times in the last three months. So I don't see any reason to assume bullish just by touching the resistance. Rather, if the same thing happens again after so many rejections, then the falling structure will gain importance again. But on the other hand, if the 4H candle can close above 0.0500, then the picture will be quite different. Confirmation of the months-long resistance finally breaking will be found. In that case, there may be an opportunity to move towards the 0.0550, then 0.0600+ region. The interesting part for me is - on the one hand, the resistance that has been tested many times, on the other hand, the green trendline that has been defended repeatedly. The two forces have come to the same place. So, it is more logical for me to see confirmation than to rush here. Whether the 4H close above 0.0500 or not will probably write the next story.
If there is a breakout, the setup will be interesting. Otherwise, rejection again..... and then it might be better to wait and trade. Let's see.... 🤔
After getting rejected from the same resistance so many times, is anything really going to change this time ?
ZKP has been moving in a falling structure since late June. But one thing has been noticeable the whole time - the green support trendline has held every dip so far. That is, even though sellers have put pressure on it, buyers have not completely moved away. And now the price is again near the 0.0475 – 0.0495 resistance zone, currently around 0.04853. This is the real test. Because the price has rejected this ceiling 4–5 times in the last three months. So I don't see any reason to assume bullish just by touching the resistance. Rather, if the same thing happens again after so many rejections, then the falling structure will gain importance again. But on the other hand, if the 4H candle can close above 0.0500, then the picture will be quite different. Confirmation of the months-long resistance finally breaking will be found. In that case, there may be an opportunity to move towards the 0.0550, then 0.0600+ region. The interesting part for me is - on the one hand, the resistance that has been tested many times, on the other hand, the green trendline that has been defended repeatedly. The two forces have come to the same place. So, it is more logical for me to see confirmation than to rush here. Whether the 4H close above 0.0500 or not will probably write the next story.
If there is a breakout, the setup will be interesting. Otherwise, rejection again..... and then it might be better to wait and trade. Let's see.... 🤔