$ZRO I am leaning bearish based on the current price action
Be careful, the price has dropped 16% and yet the open interest remains high at $41 million, which means that sellers are still in strong control and there are no real signs of a rebound.
Proposed trading plan (Scalp Short):
Entry (Sell): from $2.08 to $2.12
Take profit: $2.05, $2.02, and $1.95
Stop loss: $2.18
Risk management is a top priority, and do your own research (DYOR).
My technical analysis in simple terms:
I am watching the chart and noticing that the price is completely unable to break through the EMA7 average at $2.15, which acts as a strong barrier preventing any upward movement at the moment. We are approaching a previous low at $2.05, and if this level is broken, our next target will be directly towards the EMA99 average at $2.02. The data indicates that momentum is still negative, and any attempt to rise without surpassing $2.15 is merely a selling opportunity, not a buying one.
In your opinion, will the price hold at support $2.02 or will we see a bigger collapse? Share your prediction in the comments.