After the listing on HIT BTC ROX, it has climbed from the level of 0.00006 to the level of 0.00024, for what is estimated to be an almost 400% rise. This of course is not considered unusual for the crypto world; as we can see on the daily chart that price levels are around 0.00019, and this is very healthy for ROX, because this could be a strong base for another level that reaches an all-time high beyond the 0.00024 level. We are now in the consolidation zone at around 0.00023 and 0.00018 where traders are accumulating the ROX. This price pattern is similar to a well known bullish Elliot Wave that had helped traders since 1938 in understanding the market psychology.
In Elliott’s model, market prices tend to move up and down with a set of 5 waves, so that waves 1, 3, and 5 are regarded as uptrend impulses, and waves 2 and 4 are smaller retraces of waves 1 and 3. Therefore, ROX price is now in path from a wave 3 to a wave 4 where traders get a chance to buy some new ROX at a cheaper price prior to wave 5 taking place.
On the 1 hour chart, we are able to see an inverse head and shoulder formation leading to a big possibility that we will move towards wave 5 in the month of November. Once we break the 0.000255 level, there will be a great chance to reach the 0.00035 level as there is almost no sell resistance from 0.000255 till 0.00035 levels in the ROX/ETH order book.
A current view of the ROX is optimistic on the daily chart, as we could see consolidation after a 400% rise, a high volume, and positive news so ROX could be going high to 0.00035 with the current price trend and the underlying Elliot Wave price fundamentals.
