Zilliqa Looking for a Bounce!Zilliqa has been slowly moving up along out uptrend support line but has felt BTC's sharp drop for sure, we are looking okay though we are approaching the 0.2 FIB level which intersects with the uptrend support level so we could be looking at a likely bounce zone, now keep in mind a lot rides on BTC and this could all be voided if BTC continues to drop. Now look at the bollinger bands we have fallen underneath the midline which is now resistance but if you notice how much the bands are squeezing this indicates volatility is shrinking and an explosive move is on the horizon, now the BB's don't indicate which way but if we do see this bounce we could have a good chance of rebounding to the upside and hopefully kicking off this explosive move in the right direction. Something very important that we must keep an eye on is that bottom band, we definitely don't want to move down further and risk grabbing onto here because then we would be in for a very steep move to the downside, historically grabbing this bottom band leads to a correction, could be big small or medium sized and then pair that with the squeezed bands.. it would not be a very enjoyable ride lol, but hey it could definitely provide a great buying opportunity worst comes to worst. Now the pivot bands, we have already wicked off the red pivot band once and now if we continue to do so in the coming days it is very likely this will lead to a jump up in price action, check out the far left of the chart we had many touches on the red band and what followed right after was a big rally to the upside, same thing moving more recently, i have marked wick touches with white circles and you can see that when we have less touches we have a smaller move in the opposite direction. SO all it really takes is 2-3-4 wicks onto one of these pivot bands until we could see a move in the opposite direction. Now the Wavetrend, we are coming down fairly rapidly but what caught my eye is that we have obvious uptrend support just underneath our current spot leading me to think this also plays into us having this potential bounce, we want to see the wavetrend start to slowly curl to the upside and remain that way before we can confirm anything, we also do have support coming from the midline so that is another area where we could see this play out! Not financial advice just my opinion!
