ZILUSDT recent upswing has seemed to consolidated nicely with a recent low point of 0.06. It's unlikely we'll see a lower price level on the short term as long as BTC maintains a sideways course of action. Like all alts, we need to consider BTCs movement into account when taking positions and ensure stop losses are set according to your risk management.
We see a wedge pattern has formed (one can also consider this a pennant pattern, which suggests bullish continuation) with higher low's and it's currently building up for a breakout. It has to break the 0.074 resistance level if we want to see upward movement. If it breaks the wedge and consolidates above the 0.080 levels, we can see it move further to the 0.090 levels. The RSI also indicates a medium bullish divergence which has respected in the previous upswing, which indicates we can expect another upswing soon.
If it breaks the 0.071 support and breaks the wedge downwards, this chart is invalidated and we can expect the price level to go lower.
Trade safely.
Trade closed manually
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TP @ 0.08140 ~330% profit.
It has failed to break the 0.083 resistance and we saw a strong downward movement due to BTC's retracement. If BTC falls down to lower levels, we can expect ZIL to follow.
what if it able to brake upwards where it will go any explanation.
hazzah
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@BISNUU, Unfortunately, ZIL has failed to break the resistance and has dropped due to BTCs retracement. When BTC consolidates I can do an additional analysis on ZIL.