Zilliqa VS Bitcoin Reached The Downside Target
Following the previous idea on Zilliqa, price has reached the downside support, that has been rejected cleanly. The support is based at 815 satoshis, which is confirmed by 78.6% and 227.2% Fibonacci retracement levels.
Along with the Fib support, ZIL/BTC rejected the 2/1 Gann Fan Trendline, suggesting the potential corrective wave up or a trend reversal. At this stage conslidation phase might start and it will be important to watch current support. Daily break and close below 815 satoshis, should result in further decline towards 600 satoshis, which is 88.6% Fibs.
But, if the current support will hold price is likely to increase towards previous resistance at 50% Fibs, that is 1430 satoshis. This could be a strong corrective wave up, but if the 1430 resistance is broken, the long term uptrend could continue, which might send price to the new all-time high.
Along with the Fib support, ZIL/BTC rejected the 2/1 Gann Fan Trendline, suggesting the potential corrective wave up or a trend reversal. At this stage conslidation phase might start and it will be important to watch current support. Daily break and close below 815 satoshis, should result in further decline towards 600 satoshis, which is 88.6% Fibs.
But, if the current support will hold price is likely to increase towards previous resistance at 50% Fibs, that is 1430 satoshis. This could be a strong corrective wave up, but if the 1430 resistance is broken, the long term uptrend could continue, which might send price to the new all-time high.
Trade closed: target reached