ZIL within an ascending triangle pattern, looking to break out.
ZIL/BTC is currently in a shorter time-frame ascending triangle. On the larger time-frame, ZIL is within a Symmetrical triangle it has been forming since mid August. We are currently retesting the 540 level, which is also our .5 fib level, and it is currently acting as resistance (It is also the top to our ascending triangle.) Alongside that, the 200 EMA on the 4-hour is also at that 540 level, and the resistance line from our longer-term Symmetrical triangle is around 543-550, and should most likely act as resistance as well. Lots of obstacles to climb through, but should it break out, it could go on a seriously strong run.
Entry: 525-530 (Under the assumption this current break-out attempt will fail, and we will retest the bottom of the ascending triangle once more.)
Entry: 535-540 (Current levels under the assumption that this break-out attempt will succeed.)
Entry: 545-555 (Buying on break-out, and/or waiting for it to retest this current resistance area as new support following the break-out.)
Shorter-term targets:
Target 1: 575
Target 2: 600
Target 3: 650
SL (Tight): 515-520 (Below the Ascending triangle.)
SL (Loose): 485-490 (Below the recent low of 494, and below our .618 fib support level.)
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
Entry: 525-530 (Under the assumption this current break-out attempt will fail, and we will retest the bottom of the ascending triangle once more.)
Entry: 535-540 (Current levels under the assumption that this break-out attempt will succeed.)
Entry: 545-555 (Buying on break-out, and/or waiting for it to retest this current resistance area as new support following the break-out.)
Shorter-term targets:
Target 1: 575
Target 2: 600
Target 3: 650
SL (Tight): 515-520 (Below the Ascending triangle.)
SL (Loose): 485-490 (Below the recent low of 494, and below our .618 fib support level.)
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
Comment:
View of the Symmetrical Triangle and of the fib levels:
Comment:
The 4th breakout attempt stalled again at that 540 level. Got a nice move down for those waiting for an entry near the bottom of the ascending triangle. Still awaiting a break above the ascending triangle, or a break down to retest the bottom of the Symmetrical triangle:
Comment:
Target 1 at 575 was 1 sat away from hitting!