Update on Zilliqa with this Zil:Eth 4 hour chart.
As expected Zill has fallen from its high on May 10th which was clearly unsustainable. The question now is does price recover or do we continue to the downside? This is admittedly a very messy chart and I apologize but a lot has happened in the last month so we have a lot of data to sort out.
The 66% retrace at 0.000211 has become resistance as seen by the most recent candles on 5/17. I have added a new possible support line in black. This may be support because (1) it was a reversal point on 5/16 and (2) it was resistance on 5/8. We are working with very small timeframes because Zill has only been around for 3-4 months.
I have also drawn a rough downward trendline that may be the formation of a full pennant. I am watching for a breakout of the dashed red triangle which would be a buy signal for me as we approach multiple support lines (including what may be a powerful support line in blue that is a continuation of the previous stable uptrend).
I expect at least a temporary lull in downward pressure given the number of support lines I am seeing. I wish there were Zil:USD charts but there are not so I can't form USD price targets.
Zilliqa is a longterm hold for me so I sold only a portion of my position towards the top and bought back somewhere in the middle of this retracement for a healthy 15% return (in terms of Ether).
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
As expected Zill has fallen from its high on May 10th which was clearly unsustainable. The question now is does price recover or do we continue to the downside? This is admittedly a very messy chart and I apologize but a lot has happened in the last month so we have a lot of data to sort out.
The 66% retrace at 0.000211 has become resistance as seen by the most recent candles on 5/17. I have added a new possible support line in black. This may be support because (1) it was a reversal point on 5/16 and (2) it was resistance on 5/8. We are working with very small timeframes because Zill has only been around for 3-4 months.
I have also drawn a rough downward trendline that may be the formation of a full pennant. I am watching for a breakout of the dashed red triangle which would be a buy signal for me as we approach multiple support lines (including what may be a powerful support line in blue that is a continuation of the previous stable uptrend).
I expect at least a temporary lull in downward pressure given the number of support lines I am seeing. I wish there were Zil:USD charts but there are not so I can't form USD price targets.
Zilliqa is a longterm hold for me so I sold only a portion of my position towards the top and bought back somewhere in the middle of this retracement for a healthy 15% return (in terms of Ether).
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Comment:
We are bouncing off of numerous support lines, a break of 0.0002 will likely start a new uptrend and is an attractive spot to open longs. Otherwise I will need to re-evaluate the price structure.
Comment:
As anticipated, we have a strong rally off of the blue trend line. We now face overhead resistance at 0.000211. I expect we break through this.
Comment:
We have tested the 66% retrace multiple times, occasionally moving above it. I still expect us to penetrate past it. Look for resistance around 0.000231 if we do break through.
If this little pump breaks down then we may be making a downward channel. I will update tomorrow.
If this little pump breaks down then we may be making a downward channel. I will update tomorrow.