This is an interesting chart at the moment. We did see a price decline after hitting the resistance, generally with declining volume during this price decline.
It kept on going and formed a bottom, much higher then the previous bottom. I consider this as a rejection to go lower, together with the bullish missing-right-shoulder divergence on MACD-H and on Elder Force Index.
This is a Higher Low and possibly the beginning of a new uptrend for Zilliqa.
The amount of volume has risen the end of the year 2018. And now with this pattern forming, I consider this a a longer term swing trade, and valid up to the resistance zone
That would be a nice time to take profits and decide to see if it is strong enough to reenter or even stay in it.
Elder Impulse is green on the daily chart.
Price is around the EMA, so a good place to enter would be here, or a bit lower. A study of the 4H or 1H chart will help me to place a good entry.
I put my SL way below the previous higher low, on the current minus 3 ATR channel line.
I consider this trade interesting, as the reistance zone is around 62-64. That means a Risk Reward ratio of 1:2.
SL: 399
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Trade closed: stop reached