ZIL/BTC Testing Resistance for a Breakout

BINANCE:ZILBTC   Zilliqa / Bitcoin
As you can see from the chart, ZIL/ BTC has been retracing since its massive rally in May-June. Until now, prices have been trading just below the 200 EMA for all of September.

Here we are looking at the daily time frame for ZIL/ BTC on Binance. Over the last couple days, we can see increased volume on ZIL/ BTC . Also, prices are now trading above the 50, 100, and 200 EMAs, which is bullish . The MACD has crossed into bullish territory and the RSI is strong too. I am currently bullish on this chart but waiting for the breakout for confirmation. This chart can easily print higher highs on a breakout, and the potential immediate breakout targets are 230, 280, 330, and 380 satoshi. Keep your eye on this one!

ZIL/ BTC is however facing some resistance in the 185-190 satoshi range. There may be some rejection here, at which point we can wait to see the price retest the immediate support in the 150-160 satoshi range. But, if ZIL/ BTC breaks out, then we can look to enter long in the 190-210 satoshi range.

Leave your thoughts and comments on whether you agree or disagree below. Also leave a like/follow if you liked the analysis! Thanks for reading, happy trading.

Price at writing: 0.00000182 BTC (182 satoshi).


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