ZIL/BTC possible iH&S forming
As we can see on the daily Zilliqa failed two times to break the resistance line, and is currently forming what it looks like an iH&S pattern.
Wavetrend had bullish cross in oversold zone which indicates of a possible swing to the upside, selling pressure/volume is declining, RSI and OBV had a nice reset.
Remember that the pattern is not yet confirmed and is only speculative. There is a huge R/R ratio in this trade.
This has been gigantic consolidation phase for Zilliqa lasting over 6 months, and if this form completes it could very well mean reverse of a trend.
Wavetrend had bullish cross in oversold zone which indicates of a possible swing to the upside, selling pressure/volume is declining, RSI and OBV had a nice reset.
Remember that the pattern is not yet confirmed and is only speculative. There is a huge R/R ratio in this trade.
This has been gigantic consolidation phase for Zilliqa lasting over 6 months, and if this form completes it could very well mean reverse of a trend.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.