taking place

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.

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.

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.