Cryptocurrencies

ZIL technical analysis

ZIL seen from the temporality of 1W we can see how the structure of candles is forming a rounded floor close to the weekly support located at 0.00000059, the rounded floor is an upward pattern of reversal of trend, however, the price has not yet formed an HL, therefore, it is very possible that the price goes back to the weekly demand to perform a confirmation test that drives the price at that level by marking us a higher minimum as a signal of continuation of the momentum, if we get it, we should see a test in the short or medium term of the area of supply located within the price range of 0.00000085 – 0.00000091 indicated in the chart above by the two horizontal black color, in that area the price should find strong resistance that makes the price fall, however, the chances of a break up would increase, if we manage to close above that level, the price should not have problems to reach our second target located within the price range of 0.00000113 – 0.00000119, indicated in the chart above by the two upper horizontal black color.

ZIL seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price is moving with a correction pattern ABC that should reach by testing the zone of demand in 1W that I have marked with the green arrow, the price should mark a wick lower than the support but forming an HL of confirmation of a new bullish upswing that inclines us towards our first objective of profits that is in the zone of offer, inside the graph of above I have placed the HL that the price should form us during the movement, none of them has been confirmed yet, but the possibilities are very high.

In conclusion, ZIL presents a key moment of the trend where the price could find in the short and medium term the volume necessary to push above the area of supply, for now it is advisable to wait for the price to form a confirmation HL closing above the zone of weekly demand located at 0.00000059, if we get this scenario the chances of reaching our first profit target located within the price range of 0.00000085 – 0.00000091 are very high, therefore, I recommend to follow very closely the action of the price in 1D and always remember to place your stop loss to avoid possible invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Related posts

The Bitcoin Halving Event – Part 2

Bit Brain

BITCOIN: Buy order at 9700 USD Filled…

toofasteddie

Crypto Contest March 28: BitSend

Markus Aarnio

Get involved!

Comments

No comments yet
s2Member®