Zilliqa recently rejected the upper trendline of the descending channel. At the same time price bounced of the 50% Fibonacci retracement level, that is 1430 satoshis. The rejection was clean and ZIL/BTC started to move down.
ZIL found the support at 78.6% Fibonacci, that is 1040 satoshis, whith today has been rejected cleanly as well. It seems that price has stuck between 1430 sats resistance and 1040 sats support. This could result in a consolidation, until market will decide whether to break above or below.
Break above the resistance should confirm the long term uptrend continuation, sending the price to the new all-time high. On the other hand, break below the support could send price lower, towards the next, key support, at 815 satoshis, that is confirmed by two Fibonacci retracement levels.
"Wait and see" approach at this time seems to be most reasonable as market indecision seems to be obvious.
ZIL found the support at 78.6% Fibonacci, that is 1040 satoshis, whith today has been rejected cleanly as well. It seems that price has stuck between 1430 sats resistance and 1040 sats support. This could result in a consolidation, until market will decide whether to break above or below.
Break above the resistance should confirm the long term uptrend continuation, sending the price to the new all-time high. On the other hand, break below the support could send price lower, towards the next, key support, at 815 satoshis, that is confirmed by two Fibonacci retracement levels.
"Wait and see" approach at this time seems to be most reasonable as market indecision seems to be obvious.
Trade closed: target reached