Good morning everyone and welcome to my alt coin analysis. I have been getting a lot of requests so every time I feel like analyzing a coin I go to the list and pick the next one down. Right now it is ZIL/BTC. I see that so many alts look quite similar to this chart. Almost a year of flat sideways movement with almost nothing exciting occurring. That is until May of this year. We saw a 5X jump from nearly 60 sats to 310 sats. That is exciting and I congratulate anyone that had the foresight to buy at 60 sats... Your patience has been rewarded. We have dropped a bit since this years ATH of 310 sats. No sweat though right? Only time will tell us if the gains will hold.
I pointed out on the chart that this particular coin has been moving sideways and flat in some sort of huge accumulation period. It stayed around 60 sats for almost 1 full year before finally becoming bullish again. But if you look at the more zoomed out (weekly time frame) we are still very far from the previous ATH of nearly 2500 sats. So we are still very far from that. But that doesnt mean we cannot make some money off this alt.
I also pointed out that the daily has a full on golden cross. This golden cross sort of reminds me of the one we saw on the BTC/USD chart last year in May. We shot from 5500 to 14k in a matter of weeks after that golden cross. I say this often but not all golden crosses are created equal so you should understand that before you jump into a long on account of this analysis.
I also threw a traditional fib onto the chart to get an idea of where support and resistance could lie and it looks to me like we are testing the .382 fib (yellow fib line) pretty strongly. I have already received a sell signal for now so we may drop below this .382 fib if that sell signal was right. Only time will tell of course. We are still nearly 4X up from earlier this year so there would be no shame in taking some profit even after missing the ATH this year. Believe me, traders rarely sell at the top. Many claim they never miss the top but if you ask me I think its BS. If they were that good they would not need to work a 9-5 on top of trading. But then again WTFDIK???
TLDR: I like what Im seeing with Zil... Its nice to see life in this alt after some pretty solid consolidation that has finally come to a conclusion. If you want to go long at this point set a stop loss.... But that is a rule I always stick with. Good luck everyone!
I pointed out on the chart that this particular coin has been moving sideways and flat in some sort of huge accumulation period. It stayed around 60 sats for almost 1 full year before finally becoming bullish again. But if you look at the more zoomed out (weekly time frame) we are still very far from the previous ATH of nearly 2500 sats. So we are still very far from that. But that doesnt mean we cannot make some money off this alt.
I also pointed out that the daily has a full on golden cross. This golden cross sort of reminds me of the one we saw on the BTC/USD chart last year in May. We shot from 5500 to 14k in a matter of weeks after that golden cross. I say this often but not all golden crosses are created equal so you should understand that before you jump into a long on account of this analysis.
I also threw a traditional fib onto the chart to get an idea of where support and resistance could lie and it looks to me like we are testing the .382 fib (yellow fib line) pretty strongly. I have already received a sell signal for now so we may drop below this .382 fib if that sell signal was right. Only time will tell of course. We are still nearly 4X up from earlier this year so there would be no shame in taking some profit even after missing the ATH this year. Believe me, traders rarely sell at the top. Many claim they never miss the top but if you ask me I think its BS. If they were that good they would not need to work a 9-5 on top of trading. But then again WTFDIK???
TLDR: I like what Im seeing with Zil... Its nice to see life in this alt after some pretty solid consolidation that has finally come to a conclusion. If you want to go long at this point set a stop loss.... But that is a rule I always stick with. Good luck everyone!
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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.
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.