Measured move up for BTC and ZILPlease mind that this analysis is mostly technical and might get invalidated by fundamental or news events.
This is a suggestion to go long on BTC and Zilliqa(ZIL) native coin.
Inside the green circle:
Just as in the text book ... how much confirmation do you need to go long?
On 7th September we saw a stop hunt to take out weak bulls who entered
around or before 7th of August and had already moved their stops up to the low of a
double bottom that formed between 12th - 18th August(purple line), to secure their position.
In general, as the effort to wipe out the bulls so aggressively is so obvious, I regard this as
a psychological attempt to scare small investors(= weak bulls in this case) out of the market.
Another indicator for price to go further up North.
Following the stop hunt we again saw a double bottom where the second low could not quite reach down to the
first one. This was then terminated by a strong bullish momentum engulfing pattern with follow-up candle
and a rather weak pullback retest a the time of writing.
The red lines indicate a measured move up and I'm assuming we will even be seeing a third leg up.
The grey lines indicate a more realistic behaviour of the price movement.
As ZIL is following BTC so nicely we cannot only expect a second leg of the same length as the first one
but at least a movement up to the top of the resistance zone that formed around April and May.
Decentralized Finance has only just begun, so I have no clue what price levels we eventually will be seeing
for ZIL and similars, but there sure is a huge upwards potential within the near and further future.
