Sparkster

Ziliqa at risk of 40% drop reveals new weekly candle

Short
BINANCE:ZILUSD   Zilliqa / US Dollar (calculated by TradingView)
The weekly candle close was brutal.

After an indecision candle 2 weeks ago which pierced resistance and then closed below...
...then last weeks candle a steep red...
...and MACD trending down...
...given the meteoric rise we've seen in ZILUSD the past few months...
...it makes sense that Ziliqa may have to drop all the way down to find support, perhaps at the 0.011 level. A 40% drop from current price.

This is more likely to happen if BTCUSD does not somehow manage to quickly break it's consolidation range to move upwards, which as usual would probably bring the rest of the market up with it, including Zil.

Bottom line, traders are likely to be taking profit and looking for a cheaper entry position on Zil.
Trade closed manually: Momentum has shifted for Zil so this trade idea is cancelled as of July 6 with 0 gain/loss.

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Comments

Looking like a massive 3 bar play on the weekly there... could drop a good bit. BTC just had a mini pump while ZILBTC continued with downward momentum
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