ZILBTC breaking out the cloud resistance
Hey friends, hope you are well, and welcome to new update on Zilliqa coin.
The resistance of Wedge has been broken out:
Previously we have seen that the Zilliqa coin was at the resistance of a falling wedge pattern. Now if you will play the below chart, then you can see that finally, the price action of Zil has broken out the resistance of wedge.
The simple moving averages on daily and weekly time frame:
On daily chart, the price action has broken out the 200 simple moving average resistance after a lot of attempts since 25 Nov. Now the price line has strong supports of simple moving averages with the time period of 25, 50, 100 and 200.
Now at this time on weekly chart, the price action is breaking out the 100 simple moving average.
Breaking out the Ichimoku cloud:
Now on weekly chart, the price action of Zilliqa has found a bullish cloud resistance, before this it was weak bearish, so it was easy to breakout such cloud resistance therefore, now the priceline is breaking out the cloud. Once it will be broken out then Zilliqa can turn more strong bullish on long term.
Conclusion:
The price action has broken out the wedge on weekly chart and 200 SMA on daily time period. Now if on weekly chart, the Zilliqa will breakout the ichimoku cloud then we can observe a very long term bullish rally.
The resistance of Wedge has been broken out:
Previously we have seen that the Zilliqa coin was at the resistance of a falling wedge pattern. Now if you will play the below chart, then you can see that finally, the price action of Zil has broken out the resistance of wedge.
The simple moving averages on daily and weekly time frame:
On daily chart, the price action has broken out the 200 simple moving average resistance after a lot of attempts since 25 Nov. Now the price line has strong supports of simple moving averages with the time period of 25, 50, 100 and 200.
Now at this time on weekly chart, the price action is breaking out the 100 simple moving average.
Breaking out the Ichimoku cloud:
Now on weekly chart, the price action of Zilliqa has found a bullish cloud resistance, before this it was weak bearish, so it was easy to breakout such cloud resistance therefore, now the priceline is breaking out the cloud. Once it will be broken out then Zilliqa can turn more strong bullish on long term.
Conclusion:
The price action has broken out the wedge on weekly chart and 200 SMA on daily time period. Now if on weekly chart, the Zilliqa will breakout the ichimoku cloud then we can observe a very long term bullish rally.
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