Posting about a series of Alt Coins that follow my relatively straightforward criteria these days for when Bitcoin is in a slide. The four parameters are:
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI .
4. Positive trend in MacD .
A number of coins already meet the parameters, including ONT VEN BNB and EOS. ZIL will join them soon once the MACD crosses over.
The problem: Will ZIL drop down and retrace for a further low?
My prediction - No.
Why? ZIL is sitting in a position on top of a lot of support. The 78% fib retracement is currently acting as support. The 9 day EMA (orange) is moving upwards and will continue to push up the candles. In the past, during bullish trends the 9 day would catch a candle and send it on a nice breakout higher. Looking for that to happen again here. Additionally, the 50 day MA (red) is moving upwards and will meet the price soon which is another level of support.
How to play it: If not already holding, then now is a great time to purchase. Sitting just above the 9 Day EMA (orange), support is right below the current price so the risk is minimal. A stoploss could be set somewhere below the 9 Day EMA if limiting risk. If not, then beneath the 50 Day MA (red). Target would be around 2000 SAT and holding would continue until a day candle closes below the 9 Day EMA - at that point, reevaluate.
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI .
4. Positive trend in MacD .
A number of coins already meet the parameters, including ONT VEN BNB and EOS. ZIL will join them soon once the MACD crosses over.
The problem: Will ZIL drop down and retrace for a further low?
My prediction - No.
Why? ZIL is sitting in a position on top of a lot of support. The 78% fib retracement is currently acting as support. The 9 day EMA (orange) is moving upwards and will continue to push up the candles. In the past, during bullish trends the 9 day would catch a candle and send it on a nice breakout higher. Looking for that to happen again here. Additionally, the 50 day MA (red) is moving upwards and will meet the price soon which is another level of support.
How to play it: If not already holding, then now is a great time to purchase. Sitting just above the 9 Day EMA (orange), support is right below the current price so the risk is minimal. A stoploss could be set somewhere below the 9 Day EMA if limiting risk. If not, then beneath the 50 Day MA (red). Target would be around 2000 SAT and holding would continue until a day candle closes below the 9 Day EMA - at that point, reevaluate.
Trade closed manually