It sounds like this chart above.
Foremost, Happy New Year! Indeed it has been, right?
ZIL surpassed expectations as Cycle Wave II's compressed consolidation resulted in an explosive end of year run, briefly breaking Jul 2018's resistance.
Let's start the year with a macro view ofZIL's performance in the short term (~9days to 50days). So, good news and bad news.
The good news is that I do not personally feel that this bull run is over, shown here with my bullish estimation of an upcoming Wave V (target price $0.11-$0.12).
The bad news is that I do not personally feel that Cycle Wave IV (a corrective zig-zag ABC) is over. Over the past few days, Bears are running riot as Bulls are taking a deserved breather. We can take Aug 2018's high of $0.049 as our immediate support level, which coincides with a Wave IV fib retracement 61.8% ($0.047).
Nevertheless,ZIL is playing out within the 'buy the dip' range of $0.047 to $0.069.
So should one buyZIL today? 60% discount..
Foremost, Happy New Year! Indeed it has been, right?
ZIL surpassed expectations as Cycle Wave II's compressed consolidation resulted in an explosive end of year run, briefly breaking Jul 2018's resistance.Let's start the year with a macro view of
ZIL's performance in the short term (~9days to 50days). So, good news and bad news.The good news is that I do not personally feel that this bull run is over, shown here with my bullish estimation of an upcoming Wave V (target price $0.11-$0.12).
The bad news is that I do not personally feel that Cycle Wave IV (a corrective zig-zag ABC) is over. Over the past few days, Bears are running riot as Bulls are taking a deserved breather. We can take Aug 2018's high of $0.049 as our immediate support level, which coincides with a Wave IV fib retracement 61.8% ($0.047).
Nevertheless,
ZIL is playing out within the 'buy the dip' range of $0.047 to $0.069. So should one buy
ZIL today? 60% discount.. Note
Update 1: Worth noting that a pennant/flag is spotted here -- bullish signal.Update 2: A divergence is also spotted on the 1H chart, as Bears go to work with diminishing efficacy on the MACD -- bullish signal.
Note
A double-btm is spotted -- usually a sign that the Bulls are overcoming the pressure that Bears present, with aplomb. Would have loved to have seen this on a longer time-frame, but we'll take a win, when it presents itself, but with caution, of course. The semi-launch of Zilliqa's governance portal could have been a likely contributor to more
ZIL staking initiatives (where one earns free $gZIL).The almost-certain stimulus from Biden's camp, as well as the imminent departure of a certain POTUS, could also be driving crypto markets up.
Note
So the Double-Btm was a headfake, as the price action dipped and continued trading within a triangle formation. A breakout is imminent as the channel narrows, but whether it's to the upside or more dips... stay tuned!
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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.