Long

Zilliqa Bullish Double Bottom Plus Broken DownTrend

Updated

Here we have the chart for Zilliqa (ZILBTC), which is looking beautiful and can potentially produce a strong breakout to the upside…

Let's take a minute and look at this chart together...

First, we have a double bottom, ZILBTC hit the same low at 0.00000132 BTC on the 28th of June and the 4th of July, this is a bullish pattern.
We can also see the bullish divergence on the MACD and RSI, purple arrows. Notice how the price is going down while the indicators are moving up. This is a very strong and accurate signal but it doesn’t always play out, it can be invalidated.
This double bottom pattern also happens to be a new all-time low on Binance for ZILBTC, making this a retest of the low… Probabilities are high for a move to the upside here.
The RSI is also moving out of oversold and there is a recent break/challenge of EMA5.

Conditions for change: If ZILBTC moves lower and closes below 0.00000132 BTC on the daily time frame, the above signals become invalid and a new analysis is needed.

Thanks a lot for reading.

Namaste.

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AlanSantana

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