Zilliqa has found the bottom at 350 satoshis and went sharply up, breaking above the 8/1 Gann Fan trendline. On a corrective wave down, after the breakout, price went down to 38.2% Fibonacci retracement level, at 480 satoshis. This level has been rejected and ZIL/BTC Produced a new all-time high, hitting 580 satoshis.
Yet another corrective wave down followed, and price once again went back to 480 satoshis support, and again, rejected it. Further, it attempted to break above the downtrend trendline but failed.
While the trend seems to become bullish a break and close 540 satoshis resistance is required in order for Zilliqa to continue producing higher highs. On a downside, break and close below the 480 satoshis support could invalidate bullish outlook and extend the consolidation.
Yet another corrective wave down followed, and price once again went back to 480 satoshis support, and again, rejected it. Further, it attempted to break above the downtrend trendline but failed.
While the trend seems to become bullish a break and close 540 satoshis resistance is required in order for Zilliqa to continue producing higher highs. On a downside, break and close below the 480 satoshis support could invalidate bullish outlook and extend the consolidation.
Trade closed: target reached